<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99_1pressrelease.txt
<DESCRIPTION>99.1
<TEXT>
                                                                  EXHIBIT 99.1

NEWS RELEASE    NEWS RELEASE    NEWS RELEASE    NEWS RELEASE    NEWS RELEASE

[LOGO OF AMERICAN EXPRESS COMPANY]


CONTACTS:       Media:  Joanna Lambert                 Michael O'Neill
                        212-640-9668                   212-640-5951
                        joanna.g.lambert@aexp.com      mike.o'neill@aexp.com

   Investors/Analysts:  Alex Hopwood                   Ron Stovall
                        212-640-5495                   212-640-5574
                        alex.w.hopwood@aexp.com        ronald.stovall@aexp.com

FOR IMMEDIATE RELEASE
--------------------------------------------------------------------------------

               AMERICAN EXPRESS REPORTS FOURTH QUARTER EARNINGS
        FROM CONTINUING OPERATIONS OF $238 MILLION, OR $0.21 PER SHARE;
                 FULL-YEAR EARNINGS FROM CONTINUING OPERATIONS
                    TOTAL $2.8 BILLION, OR $2.42 PER SHARE

<TABLE>
<CAPTION>
                     (Millions, except per share amounts)

                                                   Quarters Ended          Percentage            Years Ended          Percentage
                                                    December 31,            Inc/(Dec)           December 31,           Inc/(Dec)
                                                    ------------            ---------           ------------           ---------
                                                  2008          2007                          2008         2007
                                                  ----          ----                          ----         ----
<S>                                          <C>            <C>               <C>        <C>           <C>               <C>
   Total revenues net of interest expense     $  6,506       $ 7,324           (11)%      $ 28,365      $ 27,559            3%

   Income From Continuing Operations          $    238       $   858           (72)%      $  2,803      $  4,126          (32)%
   Loss From Discontinued Operations          $    (66)      $   (27)            #        $   (172)     $   (114)          51%
   Net Income                                 $    172       $   831           (79)%      $  2,631      $  4,012          (34)%

   Earnings Per Common Share - Basic:
      Income From Continuing Operations       $   0.21       $  0.74           (72)%      $   2.43      $   3.52          (31)%
      Loss From Discontinued Operations       $  (0.06)      $ (0.02)            #        $  (0.15)     $  (0.10)          50%
      Net Income                              $   0.15       $  0.72           (79)%      $   2.28      $   3.42          (33)%

   Earnings Per Common Share - Diluted:
      Income From Continuing Operations       $   0.21       $  0.73           (71)%      $   2.42      $   3.45          (30)%
      Loss From Discontinued Operations       $  (0.06)      $ (0.02)            #        $  (0.15)     $  (0.09)          67%
      Net Income                              $   0.15       $  0.71           (79)%      $   2.27      $   3.36          (32)%

   Average Common Shares Outstanding
      Basic                                       1,155          1,157          - %          1,154          1,173          (2)%
      Diluted                                     1,155          1,178         (2)%          1,157          1,196          (3)%

   Return on Average Equity*                      21.7%          37.3%                        21.7%         37.3%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Refer to Appendix I for the components of return on average equity.

# Denotes a variance of more than 100%.


                                     -1-
<PAGE>
New York - January 26, 2009 - AMERICAN EXPRESS COMPANY (NYSE: AXP) today
reported fourth-quarter income from continuing operations of $238 million,
down 72 percent from $858 million a year ago. Diluted earnings per share from
continuing operations were $0.21, down 71 percent from $0.73 a year ago.

Net income totaled $172 million for the quarter, down 79 percent from a year
ago. On a per-share basis, net income was $0.15, down 79 percent from $0.71 a
year ago.

Consolidated total revenues net of interest expense declined 11 percent to
$6.5 billion, down from $7.3 billion a year ago.

Consolidated provisions totaled $1.4 billion compared to $1.5 billion in the
year-ago period, which included a significant credit related charge.

Consolidated expenses totaled $4.9 billion, up 5 percent from $4.7 billion a
year ago. Both periods included significant items, which are outlined below.

The company's return on average equity (ROE) was 21.7 percent, down from 37.3
percent a year ago.

"Our fourth quarter results reflect an operating environment that was among
the harshest we have seen in decades," said Kenneth I. Chenault, chairman and
chief executive officer. "Nevertheless, we met our near term goals - staying
liquid, staying profitable, and investing selectively to strengthen our
competitive position over the longer term."

"We remained profitable in the quarter and generated $2.8 billion in earnings
for the full year 2008. We exceeded all of our funding requirements, in part
by raising $6.2 billion through a new retail certificate of deposit program.

"We also continued to invest in the business, announcing a multiyear
partnership with Delta Airlines this quarter, expanding our global network
business and successfully integrating the corporate card business we purchased
from General Electric.

"While our business volumes compared favorably with other major competitors,
overall cardmember spending declined 10 percent year-over-year, or 5 percent
adjusting for foreign exchange rates. As anticipated, loan delinquencies and
write-offs rose. These trends, together with the restructuring charge, had a
significant impact on our bottom line.

"In January, we further bolstered our capital position with a $3.4 billion
investment from the U.S. Treasury Capital Purchase Program. These additional
funds will enhance our ability to continue extending loans to credit-worthy
consumers and small business owners.

                                     -2-
<PAGE>
"We authorized more than $73 billion of U.S. charge card spending during the
quarter, and we are providing U.S. consumer and small business cardmembers
with open credit lines that are on par with year-ago levels, despite the
difficult conditions in the marketplace. Our aim is to accommodate the
spending needs of our cardmembers, while helping to ensure that they do not
incur inappropriate debt levels.

"We remain cautious about the economic outlook through 2009, and expect
cardmember spending to remain soft with past-due loans and write-offs rising
from current levels. However, we believe the longer-term growth potential of
the payments sector remains very attractive. The investments we are making in
our business will help ensure that we can capitalize on those opportunities
when the environment improves."

The fourth quarter results included:
o $421 million ($273 million after-tax) of reengineering costs, primarily
related to severance and other costs associated with previously announced
staff reductions, and o A previously announced $106 million ($66 million
after-tax) increase in the company's Membership Rewards reserve, in connection
with the company's extension of its partnership agreement with Delta Air
Lines.

Significant items in the year-ago fourth quarter included:
o $1.13 billion ($700 million after-tax) gain from the company's settlement
with Visa, and - $143 million ($89 million after-tax) of incremental
investments in business-building initiatives, - $74 million ($46 million
after-tax) in litigation-related costs pertaining to the lawsuit against Visa,
and - $50 million ($31 million after-tax) in contributions to the American
Express Charitable Fund. o $685 million ($430 million after-tax) charge
related to the company's enhancements to its method of estimating the
liability for Membership Rewards, o $438 million ($274 million after-tax)
credit-related charge in the U.S. Card Services Segment.

During the fourth-quarter, non-U.S. revenues, provisions and expenses were
lower due to the translation effects of a comparatively stronger U.S. dollar.

The net tax benefit for the quarter of $78 million was principally due to the
impact of recurring permanent benefits on lower pre-tax income.

DISCONTINUED OPERATIONS

Discontinued operations for the fourth quarter generated a loss of $66 million
compared with a loss of $27 million during the year-ago period, which
primarily reflected mark-to-market adjustments within the American Express
International Deposit Company investment portfolio.

                                     -3-
<PAGE>
SEGMENT RESULTS

U.S. CARD SERVICES reported fourth-quarter net income of $4 million, down from
$7 million a year ago.

Total revenues net of interest expense for the fourth quarter decreased 13
percent to $3.2 billion, driven by lower cardmember spending as well as lower
securitization income, net.

Provisions for losses decreased 8 percent to $1.1 billion from the year ago
levels, which included the credit-related charge mentioned above. The
provision for the current quarter reflected higher write-off and past due
rates. On a managed basis(1) the net loan write-off rate was 6.7%, up from
5.9% in the third quarter and 3.4% a year ago. Owned net write-offs were 7.0%
in the quarter, up from 6.1% in the third quarter and 3.5% a year ago.

Total expenses decreased 15 percent. Marketing, promotion, rewards and
cardmember services expenses decreased 31 percent from the year-ago period,
which included a portion of the 2007 Membership Rewards charge mentioned
above. The current quarter reflected scaled-back marketing activities as well
as the Delta Air Lines related rewards expense. Salaries and employee benefits
and other operating expenses increased 16 percent from year-ago levels,
reflecting $30 million ($20 million after-tax) of the reengineering charge
mentioned above.

INTERNATIONAL CARD SERVICES reported fourth-quarter net income of $36 million,
compared to a net loss of $68 million a year ago.

Total revenues net of interest expense decreased 8 percent to $1.1 billion,
primarily driven by reduced cardmember spending.

Provisions for losses rose 10 percent to $243 million, from $220 million a
year ago reflecting higher past due and write-off rates.

Total expenses decreased 22 percent. Marketing, promotion, rewards and
cardmember services expenses decreased 53 percent from year-ago levels, which
included a portion of the 2007 Membership Rewards charge mentioned earlier.
The current quarter also reflected lower marketing expenses. Salaries and
employee benefits and other operating expenses increased 15 percent from
year-ago levels, reflecting $84 million ($55 million after-tax) of the
reengineering charge mentioned earlier, as well as higher operating expenses.

-------------
(1) The "managed basis" presentation includes on-balance sheet Cardmember
loans and off-balance sheet securitized Cardmember loans. The difference
between the "owned basis" (GAAP) information and "managed basis" information
is attributable to the effects of securitization activities. Please refer to
the information set forth on Exhibit I for further discussion of the owned and
managed basis presentation.

                                     -4-
<PAGE>
GLOBAL COMMERCIAL SERVICES reported a fourth-quarter net loss of $18 million
compared to net income of $110 million a year ago.

Total revenues net of interest expense decreased 7 percent to $1.0 billion,
reflecting lower level of spending by corporate cardmembers as well as lower
travel commissions and fees.

Provisions for losses totaled $69 million up 25 percent from $55 million in
the year ago period due to higher write-offs and past due rates.

Total expenses increased 11 percent. Salaries and employee benefits and other
operating expenses increased 20 percent from the year-ago period reflecting
$136 million ($88 million after-tax) of the reengineering charge mentioned
earlier. Marketing, promotion, rewards and cardmember services expenses
decreased 41 percent from the year-ago period, which included a portion of the
2007 Membership Rewards charge mentioned above.

Both revenues and expenses reflected the impact of the acquisition of a
commercial card and corporate purchasing unit in March 2008.

GLOBAL NETWORK & MERCHANT SERVICES reported fourth-quarter net income of $215
million, down 15 percent from $254 million a year ago.

Fourth-quarter total revenues net of interest expense decreased 9 percent to
$945 million. The decrease reflected lower merchant-related revenues from the
decrease in global card billed business, offset in part by higher revenues
from Global Network Services' bank partners.

Provisions for losses were $36 million, primarily reflecting merchant-related
provisions. The year-ago provision was $28 million.

Total expenses decreased 4 percent, reflecting lower brand advertising.
Salaries and employee benefits and other operating expenses included $28
million ($17 million after-tax) of the reengineering charge mentioned above.

CORPORATE AND OTHER reported a fourth-quarter net income of $1 million,
compared with net income of $555 million last year. The year-ago quarter
included the previously mentioned gain from the company's settlement with
Visa. The fourth quarter 2008 reflects the recognition of $220 million ($136
million after-tax) for the previously announced MasterCard and Visa
settlements as well as $143 million ($93 million after-tax) of the
reengineering charges mentioned above.

American Express Company is a leading global payments and travel company
founded in 1850. For more information, visit www.americanexpress.com.

                                     ***


                                     -5-
<PAGE>
ED. NOTE: On November 10, 2008, American Express became a bank holding company
regulated by the Federal Reserve Board and consequently fourth-quarter
earnings results incorporate some financial reporting changes in accordance
with SEC regulations.

The 2008 Fourth Quarter Earnings Supplement will be available today on the
American Express web site at
http://ir.americanexpress.com. An investor conference call will be held at
5:00 p.m. (ET) today to discuss fourth-quarter earnings results. Live audio
and presentation slides for the investor conference call will be available to
the general public at the same web site. A replay of the conference call will
be available later today at the same web site address.


EXHIBIT I
                           AMERICAN EXPRESS COMPANY
                              U.S. CARD SERVICES
<TABLE>
<CAPTION>
(Billions, Except Percentages)

                                           Quarter Ended         Quarter Ended          Quarter Ended
                                         December 31, 2008     September 30, 2008      December 31, 2007
<S>                                        <C>                    <C>                    <C>
Cardmember lending - owned basis (A):
Average Loans (B)                            $  33.2                $  36.3                $  40.8
Net write-off rate                               7.0%                   6.1%                   3.5%

Cardmember lending - managed basis (C):
Average Loans (B)                             $  63.0               $  64.6                $  63.2
Net write-off rate                                6.7%                  5.9%                   3.4%
</TABLE>

(A) "Owned," a GAAP basis measurement, reflects only cardmember loans included
in the Company's Consolidated Balance Sheets.

(B) Loan balances for all periods presented used to calculate average loans
have been revised in connection with the Company's conversion to a bank
holding company. Specifically, deferred card fees net of deferred direct
acquisition costs for Cardmember loans were reclassified from other
liabilities to cardmember loans for all periods.

(C) The managed basis presentation assumes that there have been no off-balance
sheet securitization transactions, i.e., all securitized cardmember loans and
related income effects are reflected as if they were in the Company's balance
sheets and income statements, respectively. The difference between the "owned
basis" (GAAP) information and "managed basis" information is attributable to
the effects of securitization activities. The Company presents U.S. Card
Services information on a managed basis because that is the way the Company's
management views and manages the business. Management believes that a full
picture of trends in the Company's cardmember lending business can only be
derived by evaluating the performance of both securitized and non-securitized
cardmember loans. Management also believes that use of a managed basis
presentation presents a more accurate picture of the key dynamics of the
cardmember lending business. Irrespective of the on and off-balance sheet
funding mix, it is important for management and investors to see metrics for
the entire cardmember lending portfolio because they are more representative
of the economics of the aggregate cardmember relationships and ongoing
business performance and trends over time. It is also important for investors
to see the overall growth of cardmember loans and related revenue in order to
evaluate market share. These metrics are significant in evaluating the
Company's performance and can only be properly assessed when all
non-securitized and securitized cardmember loans are viewed together on a
managed basis. The Company does not currently securitize international loans.


                                     -6-
<PAGE>
THIS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS, WHICH ARE SUBJECT TO RISKS
AND UNCERTAINTIES. THE FORWARD-LOOKING STATEMENTS, WHICH ADDRESS THE COMPANY'S
EXPECTED BUSINESS AND FINANCIAL PERFORMANCE, AMONG OTHER MATTERS, CONTAIN
WORDS SUCH AS "BELIEVE," "EXPECT," "ANTICIPATE," "OPTIMISTIC," "INTEND,"
"PLAN," "AIM," "WILL," "MAY," "SHOULD," "COULD," "WOULD," "LIKELY," AND
SIMILAR EXPRESSIONS. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON
THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH
THEY ARE MADE. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY
FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS INCLUDE, BUT ARE NOT LIMITED
TO, THE FOLLOWING: CONSUMER AND BUSINESS SPENDING ON THE COMPANY'S CREDIT AND
CHARGE CARD PRODUCTS AND TRAVELERS CHEQUES AND OTHER PREPAID PRODUCTS AND
GROWTH IN CARD LENDING BALANCES, WHICH DEPEND IN PART ON THE ECONOMIC
ENVIRONMENT, AND THE ABILITY TO ISSUE NEW AND ENHANCED CARD AND PREPAID
PRODUCTS, SERVICES AND REWARDS PROGRAMS, AND INCREASE REVENUES FROM SUCH
PRODUCTS, ATTRACT NEW CARDMEMBERS, REDUCE CARDMEMBER ATTRITION, CAPTURE A
GREATER SHARE OF EXISTING CARDMEMBERS' SPENDING, AND SUSTAIN PREMIUM DISCOUNT
RATES ON ITS CARD PRODUCTS IN LIGHT OF REGULATORY AND MARKET PRESSURES,
INCREASE MERCHANT COVERAGE, RETAIN CARDMEMBERS AFTER LOW INTRODUCTORY LENDING
RATES HAVE EXPIRED, AND EXPAND THE GLOBAL NETWORK SERVICES BUSINESS; THE
COMPANY'S ABILITY TO MANAGE CREDIT RISK RELATED TO CONSUMER DEBT, BUSINESS
LOANS, MERCHANTS AND OTHER CREDIT TRENDS, WHICH WILL DEPEND IN PART ON THE
ECONOMIC ENVIRONMENT, INCLUDING, AMONG OTHER THINGS, THE HOUSING MARKET, THE
RATES OF BANKRUPTCIES AND UNEMPLOYMENT, WHICH CAN AFFECT SPENDING ON CARD
PRODUCTS, DEBT PAYMENTS BY INDIVIDUAL AND CORPORATE CUSTOMERS AND BUSINESSES
THAT ACCEPT THE COMPANY'S CARD PRODUCTS, AND ON THE EFFECTIVENESS OF THE
COMPANY'S CREDIT MODELS; THE IMPACT OF THE COMPANY'S EFFORTS TO DEAL WITH
DELINQUENT CARDMEMBERS IN THE CURRENT CHALLENGING ECONOMIC ENVIRONMENT, WHICH
MAY AFFECT PAYMENT PATTERNS OF CARDMEMBERS, THE COMPANY'S NEAR-TERM WRITE-OFF
RATES, INCLUDING DURING THE FIRST HALF OF 2009, AND THE VOLUMES OF THE
COMPANY'S LOAN BALANCES IN 2009; THE WRITE-OFF AND DELINQUENCY RATES IN THE
MEDIUM- TO LONG-TERM OF CARDMEMBERS ADDED BY THE COMPANY DURING THE PAST FEW
YEARS, WHICH COULD IMPACT THEIR PROFITABILITY TO THE COMPANY; THE COMPANY'S
ABILITY TO EFFECTIVELY IMPLEMENT CHANGES IN THE PRICING OF CERTAIN OF ITS
PRODUCTS AND SERVICES; FLUCTUATIONS IN INTEREST RATES (INCLUDING FLUCTUATIONS
IN BENCHMARKS, SUCH AS LIBOR AND OTHER BENCHMARK RATES, AND CREDIT SPREADS),
WHICH IMPACT THE COMPANY'S BORROWING COSTS, RETURN ON LENDING PRODUCTS AND THE
VALUE OF THE COMPANY'S INVESTMENTS; THE COMPANY'S ABILITY TO MEET ITS ROE
TARGET RANGE OF 33 TO 36 PERCENT ON AVERAGE AND OVER TIME, WHICH WILL DEPEND
IN PART ON FACTORS SUCH AS THE COMPANY'S ABILITY TO GENERATE SUFFICIENT
REVENUE GROWTH AND ACHIEVE SUFFICIENT MARGINS, FLUCTUATIONS IN THE CAPITAL
REQUIRED TO SUPPORT ITS BUSINESSES, THE MIX OF THE COMPANY'S FINANCINGS, AND
FLUCTUATIONS IN THE LEVEL OF THE COMPANY'S SHAREHOLDERS' EQUITY DUE TO SHARE
REPURCHASES, DIVIDENDS, CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME AND
ACCOUNTING CHANGES, AMONG OTHER THINGS; THE ACTUAL AMOUNT TO BE SPENT BY THE
COMPANY ON MARKETING, PROMOTION, REWARDS AND CARDMEMBER SERVICES BASED ON
MANAGEMENT'S ASSESSMENT OF COMPETITIVE OPPORTUNITIES AND OTHER FACTORS
AFFECTING ITS JUDGMENT; THE ABILITY TO CONTROL AND MANAGE OPERATING,
INFRASTRUCTURE, ADVERTISING AND PROMOTION EXPENSES AS BUSINESS EXPANDS OR

                                     -7-
<PAGE>
CHANGES, INCLUDING THE ABILITY TO ACCURATELY ESTIMATE THE PROVISION FOR THE
COST OF THE MEMBERSHIP REWARDS PROGRAM; FLUCTUATIONS IN FOREIGN CURRENCY
EXCHANGE RATES; THE COMPANY'S ABILITY TO GROW ITS BUSINESS, GENERATE EXCESS
CAPITAL AND, OVER TIME, MEET OR EXCEED ITS RETURN ON SHAREHOLDERS' EQUITY
TARGET BY REINVESTING APPROXIMATELY 35 PERCENT OF ANNUALLY-GENERATED CAPITAL,
AND RETURNING APPROXIMATELY 65 PERCENT OF SUCH CAPITAL TO SHAREHOLDERS WHICH
WILL DEPEND ON THE COMPANY'S ABILITY TO MANAGE ITS CAPITAL NEEDS AND THE
EFFECT OF BUSINESS MIX, ACQUISITIONS AND RATING AGENCY REQUIREMENTS; THE
SUCCESS OF THE GLOBAL NETWORK SERVICES BUSINESS IN PARTNERING WITH BANKS IN
THE UNITED STATES, WHICH WILL DEPEND IN PART ON THE EXTENT TO WHICH SUCH
BUSINESS FURTHER ENHANCES THE COMPANY'S BRAND, ALLOWS THE COMPANY TO LEVERAGE
ITS SIGNIFICANT PROCESSING SCALE, EXPANDS MERCHANT COVERAGE OF THE NETWORK,
PROVIDES GLOBAL NETWORK SERVICES' BANK PARTNERS IN THE UNITED STATES THE
BENEFITS OF GREATER CARDMEMBER LOYALTY AND HIGHER SPEND PER CUSTOMER, AND
MERCHANT BENEFITS SUCH AS GREATER TRANSACTION VOLUME AND ADDITIONAL HIGHER
SPENDING CUSTOMERS; THE ABILITY OF THE GLOBAL NETWORK SERVICES BUSINESS TO
MEET THE PERFORMANCE REQUIREMENTS CALLED FOR BY THE COMPANY'S RECENT
SETTLEMENTS WITH MASTERCARD AND VISA; TRENDS IN TRAVEL AND ENTERTAINMENT
SPENDING AND THE OVERALL LEVEL OF CONSUMER CONFIDENCE; THE UNCERTAINTIES
ASSOCIATED WITH BUSINESS ACQUISITIONS, INCLUDING, AMONG OTHERS, THE FAILURE TO
REALIZE ANTICIPATED BUSINESS RETENTION, GROWTH AND COST SAVINGS, AS WELL AS
THE ABILITY TO EFFECTIVELY INTEGRATE THE ACQUIRED BUSINESS INTO THE COMPANY'S
EXISTING OPERATIONS; THE UNDERLYING ASSUMPTIONS AND EXPECTATIONS RELATED TO
THE FEBRUARY 2008 SALE OF THE AMERICAN EXPRESS BANK LTD. BUSINESSES AND THE
TRANSACTION'S IMPACT ON THE COMPANY'S EARNINGS PROVING TO BE INACCURATE OR
UNREALIZED; THE SUCCESS, TIMELINESS AND FINANCIAL IMPACT (INCLUDING COSTS,
COST SAVINGS, AND OTHER BENEFITS, INCLUDING INCREASED REVENUES), AND
BENEFICIAL EFFECT ON THE COMPANY'S OPERATING EXPENSE TO REVENUE RATIO, BOTH IN
THE SHORT-TERM (INCLUDING DURING 2009) AND OVER TIME, OF REENGINEERING
INITIATIVES BEING IMPLEMENTED OR CONSIDERED BY THE COMPANY, INCLUDING COST
MANAGEMENT, STRUCTURAL AND STRATEGIC MEASURES SUCH AS VENDOR, PROCESS,
FACILITIES AND OPERATIONS CONSOLIDATION, OUTSOURCING (INCLUDING, AMONG OTHERS,
TECHNOLOGIES OPERATIONS), RELOCATING CERTAIN FUNCTIONS TO LOWER-COST OVERSEAS
LOCATIONS, MOVING INTERNAL AND EXTERNAL FUNCTIONS TO THE INTERNET TO SAVE
COSTS, AND PLANNED STAFF REDUCTIONS RELATING TO CERTAIN OF SUCH REENGINEERING
ACTIONS; THE COMPANY'S ABILITY TO REINVEST THE BENEFITS ARISING FROM SUCH
REENGINEERING ACTIONS IN ITS BUSINESSES; BANKRUPTCIES, RESTRUCTURINGS,
CONSOLIDATIONS OR SIMILAR EVENTS (INCLUDING, AMONG OTHERS, THE DELTA
AIRLINES/NORTHWEST AIRLINES MERGER) AFFECTING THE AIRLINE OR ANY OTHER
INDUSTRY REPRESENTING A SIGNIFICANT PORTION OF THE COMPANY'S BILLED BUSINESS,
INCLUDING ANY POTENTIAL NEGATIVE EFFECT ON PARTICULAR CARD PRODUCTS AND
SERVICES AND BILLED BUSINESS GENERALLY THAT COULD RESULT FROM THE ACTUAL OR
PERCEIVED WEAKNESS OF KEY BUSINESS PARTNERS IN SUCH INDUSTRIES; THE TRIGGERING
OF OBLIGATIONS TO MAKE PAYMENTS TO CERTAIN CO-BRAND PARTNERS, MERCHANTS,
VENDORS AND CUSTOMERS UNDER CONTRACTUAL ARRANGEMENTS WITH SUCH PARTIES UNDER
CERTAIN CIRCUMSTANCES; A DOWNTURN IN THE COMPANY'S BUSINESSES AND/OR NEGATIVE
CHANGES IN THE COMPANY'S AND ITS SUBSIDIARIES' CREDIT RATINGS, WHICH COULD
RESULT IN CONTINGENT PAYMENTS UNDER CONTRACTS, DECREASED LIQUIDITY AND HIGHER
BORROWING COSTS; THE ABILITY OF THE COMPANY TO SATISFY ITS LIQUIDITY NEEDS AND
EXECUTE ON ITS FUNDING PLANS, WHICH WILL DEPEND ON, AMONG OTHER THINGS, THE
COMPANY'S FUTURE BUSINESS GROWTH, ITS CREDIT RATINGS, MARKET CAPACITY AND
DEMAND FOR SECURITIES OFFERED BY THE COMPANY, PERFORMANCE BY THE COMPANY'S
COUNTERPARTIES UNDER ITS BANK CREDIT FACILITIES AND OTHER LENDING FACILITIES,
REGULATORY CHANGES, INCLUDING CHANGES TO THE POLICIES, RULES AND REGULATIONS
OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AND THE FEDERAL
RESERVE BANK OF SAN FRANCISCO, THE COMPANY'S ABILITY TO SECURITIZE AND SELL
RECEIVABLES AND THE PERFORMANCE OF RECEIVABLES PREVIOUSLY SOLD IN
SECURITIZATION TRANSACTIONS AND THE COMPANY'S ABILITY TO MEET THE CRITERIA FOR
PARTICIPATION IN CERTAIN LIQUIDITY FACILITIES AND OTHER FUNDING PROGRAMS,
INCLUDING THE COMMERCIAL PAPER FUNDING FACILITY AND THE TEMPORARY LIQUIDITY
GUARANTEE PROGRAM, BEING MADE AVAILABLE THROUGH THE FEDERAL RESERVE BANK OF
NEW YORK, THE FEDERAL DEPOSIT INSURANCE CORPORATION AND OTHER FEDERAL
DEPARTMENTS AND AGENCIES; THE COMPANY'S ABILITY TO REDEEM OR OTHERWISE ACCESS

                                     -8-
<PAGE>
IN A TIMELY MANNER UP TO $500 MILLION INVESTED IN THE PRIMARY RESERVE FUND,
FROM WHICH REDEMPTIONS HAVE BEEN CURRENTLY SUSPENDED; ACCURACY OF ESTIMATES
FOR THE FAIR VALUE OF THE ASSETS IN THE COMPANY'S INVESTMENT PORTFOLIO AND, IN
PARTICULAR, THOSE INVESTMENTS THAT ARE NOT READILY MARKETABLE, INCLUDING THE
VALUATION OF THE INTEREST-ONLY STRIP RELATING TO THE COMPANY'S LENDING
SECURITIZATIONS; THE COMPANY'S ABILITY TO INVEST IN TECHNOLOGY ADVANCES ACROSS
ALL AREAS OF ITS BUSINESS TO STAY ON THE LEADING EDGE OF TECHNOLOGIES
APPLICABLE TO THE PAYMENTS INDUSTRY; THE COMPANY'S ABILITY TO PROTECT ITS
INTELLECTUAL PROPERTY RIGHTS (IP) AND AVOID INFRINGING THE IP OF OTHER
PARTIES; THE POTENTIAL NEGATIVE EFFECT ON THE COMPANY'S BUSINESSES AND
INFRASTRUCTURE, INCLUDING INFORMATION TECHNOLOGY, OF TERRORIST ATTACKS,
NATURAL DISASTERS OR OTHER CATASTROPHIC EVENTS IN THE FUTURE; POLITICAL OR
ECONOMIC INSTABILITY IN CERTAIN REGIONS OR COUNTRIES, WHICH COULD AFFECT
LENDING AND OTHER COMMERCIAL ACTIVITIES, AMONG OTHER BUSINESSES, OR
RESTRICTIONS ON CONVERTIBILITY OF CERTAIN CURRENCIES; CHANGES IN LAWS OR
GOVERNMENT REGULATIONS; THE POTENTIAL IMPACT OF REGULATIONS ADOPTED BY FEDERAL
BANK REGULATORS RELATING TO CERTAIN CREDIT AND CHARGE CARD PRACTICES,
INCLUDING, AMONG OTHERS, THE IMPOSITION BY CARD ISSUERS OF INTEREST RATE
INCREASES ON OUTSTANDING BALANCES AND THE ALLOCATION OF PAYMENTS IN RESPECT OF
OUTSTANDING BALANCES WITH DIFFERENT INTEREST RATES, WHICH COULD HAVE AN
ADVERSE IMPACT ON THE COMPANY'S NET INCOME; ACCOUNTING CHANGES; OUTCOMES AND
COSTS ASSOCIATED WITH LITIGATION AND COMPLIANCE AND REGULATORY MATTERS; AND
COMPETITIVE PRESSURES IN ALL OF THE COMPANY'S MAJOR BUSINESSES. A FURTHER
DESCRIPTION OF THESE AND OTHER RISKS AND UNCERTAINTIES CAN BE FOUND IN THE
COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2007,
ITEM 1A OF PART 2 IN THE COMPANY'S QUARTERLY REPORT ON FORM 10-Q FOR THE
QUARTER ENDED SEPTEMBER 30, 2008, AND THE COMPANY'S OTHER REPORTS FILED WITH
THE SEC.



                                     -9-
<PAGE>
All information in the following tables is presented on a basis prepared in
accordance with U.S. generally accepted accounting principles (GAAP), unless
otherwise indicated. Amounts have been revised to reflect various changes in
financial and statistical reporting in conjunction with American Express
Company's conversion to a bank holding company. Refer to Appendix II-VI for
revised quarterly periods in 2007 and full year 2007.

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                       CONSOLIDATED STATEMENTS OF INCOME

(Millions)

<Table>
<Caption>
                                          Quarters Ended                         Years Ended
                                           December 31,                          December 31,
                                         ----------------    Percentage       ------------------    Percentage
                                          2008      2007      Inc/(Dec)        2008       2007      Inc/(Dec)
                                         ------    ------    ----------       -------    -------    ----------
<S>                                      <C>       <C>          <C>           <C>        <C>            <C>
Revenues
  Discount revenue                       $3,468    $3,912       (11)%         $15,025    $14,596          3%
  Net card fees                             536       508         6             2,150      1,919         12
  Travel commissions and fees               444       514       (14)            2,010      1,926          4
  Other commissions and fees                522       650       (20)            2,307      2,417         (5)
  Securitization income, net                199       326       (39)            1,070      1,507        (29)
  Other                                     566       496        14             2,157      1,751         23
                                         ------    ------                     -------    -------
    Total other revenues                  5,735     6,406       (10)           24,719     24,116          3
                                         ------    ------                     -------    -------
Interest income
  Interest and fees on loans              1,364     1,735       (21)            6,159      6,351         (3)
  Interest and dividends on investment
  securities                                168       181        (7)              771        673         15
  Deposits with banks and other              36        93       (61)              271        400        (32)
                                         ------    ------                     -------    -------
    Total interest income                 1,568     2,009       (22)            7,201      7,424         (3)
                                         ------    ------                     -------    -------
Interest expense
  Deposits                                   99       170       (42)              518        589        (12)
  Short-term borrowings                      77       147       (48)              497        733        (32)
  Long-term debt                            604       738       (18)            2,439      2,565         (5)
  Other                                      17        36       (53)              101         94          7
                                         ------    ------                     -------    -------
    Total interest expense                  797     1,091       (27)            3,555      3,981        (11)
                                         ------    ------                     -------    -------
      Net interest income                   771       918       (16)            3,646      3,443          6
                                         ------    ------                     -------    -------
Total revenues net of interest expense    6,506     7,324       (11)           28,365     27,559          3
                                         ------    ------                     -------    -------
Provisions for losses
  Charge card                               426       419         2             1,363      1,140         20
  Cardmember lending                        927       970        (4)            4,231      2,761         53
  Other                                      51        61       (16)              204        202          1
                                         ------    ------                     -------    -------
    Total                                 1,404     1,450        (3)            5,798      4,103         41
                                         ------    ------                     -------    -------
Total revenues net of interest expense
 after provisions for losses              5,102     5,874       (13)           22,567     23,456         (4)
                                         ------    ------                     -------    -------

Expenses
  Marketing and promotion                   524       804       (35)            2,430      2,562         (5)
  Cardmember rewards                      1,088     1,778       (39)            4,389      4,777         (8)
  Cardmember services                       140       137         2               542        478         13
  Salaries and employee benefits          1,660     1,437        16             6,090      5,438         12
  Professional services                     649       646         -             2,413      2,280          6
  Occupancy and equipment                   456       382        19             1,641      1,436         14
  Communications                            118       119        (1)              466        461          1
  Other, net                                307      (587)        #             1,123        330          #
                                         ------    ------                     -------    -------
    Total                                 4,942     4,716         5            19,094     17,762          7
                                         ------    ------                     -------    -------
Pretax income from continuing
 operations                                 160     1,158       (86)            3,473      5,694        (39)
Income tax (benefit) provision              (78)      300         #               670      1,568        (57)
                                         ------    ------                     -------    -------
Income from continuing operations           238       858       (72)            2,803      4,126        (32)
Loss from discontinued operations,
 net of tax                                 (66)      (27)        #              (172)      (114)        51
                                         ------    ------                     -------    -------
Net income                               $  172    $  831       (79)          $ 2,631    $ 4,012        (34)
                                         ======    ======                     =======    =======
</Table>

# - Denotes a variance of more than 100%.

                                     -10-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                     CONDENSED CONSOLIDATED BALANCE SHEETS

(Billions)

<Table>
<Caption>
                                                  December 31,   December 31,
                                                      2008           2007
                                                  ------------   ------------
<S>                                                   <C>            <C>
Assets
  Cash                                                $ 21           $  9
  Accounts receivable                                   37             42
  Investment securities                                 13             13
  Loans                                                 41             53
  Other assets                                          14             11
  Assets of discontinued operations                      -             22
                                                      ----           ----
    Total assets                                      $126           $150
                                                      ====          =====

Liabilities and Shareholders' Equity
  Short-term borrowings                               $  9           $ 18
  Long-term debt                                        60             55
  Other liabilities                                     45             44
  Liabilities of discontinued operations                 -             22
                                                      ----           ----
    Total liabilities                                  114            139
                                                      ----           ----

  Shareholders' equity                                  12             11
                                                      ----           ----
    Total liabilities and shareholders' equity        $126           $150
                                                      ====           ====
</Table>

                                     -11-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                               FINANCIAL SUMMARY

(Millions)

<Table>
<Caption>
                                          Quarters Ended                        Years Ended
                                           December 31,                         December 31,
                                         ----------------    Percentage      ------------------    Percentage
                                          2008      2007      Inc/(Dec)       2008       2007      Inc/(Dec)
                                         ------    ------    ----------      -------    -------    ----------
<S>                                      <C>       <C>           <C>         <C>        <C>            <C>
TOTAL REVENUES NET OF INTEREST EXPENSE
  U.S. Card Services                     $3,223    $3,709        (13)%       $13,997    $14,222         (2)%
  International Card Services             1,098     1,189         (8)          4,781      4,331         10
  Global Commercial Services              1,044     1,128         (7)          4,696      4,269         10
  Global Network & Merchant Services        945     1,041         (9)          4,102      3,864          6
                                         ------    ------                    -------    -------
                                          6,310     7,067        (11)         27,576     26,686          3
  Corporate & Other,
    including adjustments and
    eliminations                            196       257        (24)            789        873        (10)
                                         ------    ------                    -------    -------
CONSOLIDATED TOTAL REVENUES NET OF
 INTEREST EXPENSE                        $6,506    $7,324        (11)        $28,365    $27,559          3
                                         ======    ======                    =======    =======
PRETAX INCOME (LOSS) FROM CONTINUING
 OPERATIONS
  U.S. Card Services                     $  (48)   $  (40)        20         $ 1,044    $ 2,730        (62)
  International Card Services               (38)     (181)       (79)            153        117         31
  Global Commercial Services                (59)      144          #             676        744         (9)
  Global Network & Merchant Services        303       379        (20)          1,490      1,560         (4)
                                         ------    ------                    -------    -------
                                            158       302        (48)          3,363      5,151        (35)
  Corporate & Other                           2       856          #             110        543        (80)
                                         ------    ------                    -------    -------
PRETAX INCOME FROM CONTINUING
 OPERATIONS                              $  160    $1,158        (86)        $ 3,473    $ 5,694        (39)
                                         ======    ======                    =======    =======
NET INCOME (LOSS)
  U.S. Card Services                     $    4    $    7        (43)        $   792    $ 1,823        (57)
  International Card Services                36       (68)         #             351        291         21
  Global Commercial Services                (18)      110          #             494        536         (8)
  Global Network & Merchant Services        215       254        (15)            995      1,022         (3)
                                         ------    ------                    -------    -------
                                            237       303        (22)          2,632      3,672        (28)
  Corporate & Other                           1       555          #             171        454        (62)
                                         ------    ------                    -------    -------
  Income from continuing operations         238       858        (72)          2,803      4,126        (32)
  Loss from discontinued operations,
   net of tax                               (66)      (27)         #            (172)      (114)        51
                                         ------    ------                    -------    -------
NET INCOME                               $  172    $  831        (79)        $ 2,631    $ 4,012        (34)
                                         ======    ======                    =======    =======
</Table>

# - Denotes a variance of more than 100%.

                                     -12-
<Page>

(Preliminary)

                           AMERICAN EXPRESS COMPANY
                         FINANCIAL SUMMARY (CONTINUED)

<Table>
<Caption>
                                                     Quarters Ended                       Years Ended
                                                       December 31,                       December 31,
                                                     ---------------   Percentage      -----------------    Percentage
                                                      2008     2007     Inc/(Dec)       2008       2007      Inc/(Dec)
                                                     ------   ------   ----------      ------     ------    ----------
<S>                                                  <C>      <C>          <C>         <C>        <C>           <C>
EARNINGS PER COMMON SHARE

BASIC
      Income from continuing operations              $ 0.21   $ 0.74       (72)%       $ 2.43     $ 3.52        (31)%
      Loss from discontinued operations               (0.06)   (0.02)        #          (0.15)     (0.10)        50
                                                     ------   ------                   ------     ------
      Net income                                     $ 0.15   $ 0.72       (79)%       $ 2.28     $ 3.42        (33)%
                                                     ======   ======                   ======     ======
      Average common shares outstanding (millions)    1,155    1,157         -%          1,154     1,173         (2)%
                                                     ======   ======                   ======     ======

DILUTED
      Income from continuing operations              $ 0.21   $ 0.73       (71)%       $ 2.42     $ 3.45        (30)%
      Loss from discontinued operations               (0.06)   (0.02)        #          (0.15)     (0.09)        67
                                                     ------   ------                   ------     ------
      Net income                                     $ 0.15   $ 0.71       (79)%       $ 2.27     $ 3.36        (32)%
                                                     ======   ======                   ======     ======
      Average common shares outstanding (millions)    1,155    1,178        (2)%        1,157      1,196         (3)%
                                                     ======   ======                   ======     ======

Cash dividends declared per common share             $ 0.18   $ 0.18         -%        $ 0.72     $ 0.63         14%
                                                     ======   ======                   ======     ======
</Table>

                       SELECTED STATISTICAL INFORMATION

<Table>
<Caption>
                                                      Quarters Ended                         Years Ended
                                                       December 31,                          December 31,
                                                     ----------------   Percentage        -----------------   Percentage
                                                      2008      2007     Inc/(Dec)         2008       2007     Inc/(Dec)
                                                     ------    ------   ----------        ------     ------   ----------
<S>                                                  <C>       <C>          <C>           <C>        <C>           <C>
Return on average equity (A)                           21.7%     37.3%                      21.7%      37.3%
Return on average tangible equity (A)                  27.4%     44.0%                      27.4%      44.0%
Common shares outstanding (millions)                  1,160     1,158       -%             1,160      1,158        -%
Book value per common share                          $10.15    $ 9.53       7%            $10.15     $ 9.53        7%
Shareholders' equity (billions)                      $11.8     $11.0        7%            $11.8      $11.0         7%
</Table>

# - Denotes a variance of more than 100%.

(A) Refer to Appendix I for components of return on average equity and return
on average tangible equity.

                                     -13-
</TEXT>
</DOCUMENT>
