<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99_1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>
                                                                   EXHIBIT 99.1

 NEWS RELEASE    NEWS RELEASE    NEWS RELEASE    NEWS RELEASE    NEWS RELEASE


[AMERICAN EXPRESS LOGO]


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 ANNOUNCES REENGINEERING PLAN TO
             GENERATE $800 MILLION COST BENEFIT

NEW YORK, Monday, May 18, 2009 -- American Express announced
today a new companywide reengineering initiative expected to
produce cost benefits of approximately $800 million during
the remainder of 2009. The reengineering plan includes: a
reduction of staffing levels, scaled back investment
spending, and further cutbacks in operating costs. Elements
of the program include:

   o A restructuring charge of approximately $180 to
     $250 million pre-tax ($117 to $163 million after-tax)
     in the second quarter. The charge is primarily
     associated with severance and other costs related to
     the elimination of approximately 4,000 jobs or about 6
     percent of the company's current worldwide workforce.
     The reductions will occur across business units,
     markets and staff groups. The total benefit from these
     staffing decisions is expected to be approximately $175
     million.

   o Reduced investment spending on marketing and
     business development. The anticipated cost benefit is
     approximately $500 million. Despite these cutbacks, the
     company plans to make substantial investments in
     selective growth opportunities, business building
     initiatives and customer service support.

   o A further reduction in operating costs by
     cutting expenses for consulting and other professional
     services, travel, and general overhead. These steps are
     expected to realize benefits of approximately $125
     million.

The benefits detailed above represents a reduction from
previously planned 2009 spending levels and are in addition
to the $1.8 billion benefits tied to the reengineering plan
announced in October 2008.

"While we have remained solidly profitable at a time when
some parts of the card industry were incurring substantial
losses, we continue to be very cautious about the economic
outlook and are therefore moving forward with additional
reengineering efforts to help further reduce our operating
costs," said Kenneth I. Chenault, chairman and chief
executive officer. "We believe these efforts will put us in
a better position to remain profitable and free up some
additional resources that will be reinvested in the business
to make sure we can take competitive advantage of
opportunities as the economy begins to rebound."

                            -1-
<PAGE>

American Express first announced its plan to embark on an
additional companywide reengineering initiative last month
in conjunction with the release of first quarter results.

American Express Company is a leading global payments and
travel company founded in 1850. For more information, visit
WWW.AMERICANEXPRESS.COM.

                             ***

THIS REPORT INCLUDES FORWARD-LOOKING STATEMENTS, WHICH ARE
SUBJECT TO RISKS AND UNCERTAINTIES. FORWARD-LOOKING
STATEMENTS 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:
THE COMPANY'S ABILITY TO GENERATE EARNINGS AND CONTINUE TO
STAY PROFITABLE, WHICH WILL DEPEND IN PART ON CARDMEMBER
SPENDING AND CREDIT PERFORMANCE, THE SUCCESS OF THE
COMPANY'S REENGINEERING INITIATIVES AND THE SEVERITY OF THE
ECONOMIC ENVIRONMENT; 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 THE REMAINDER OF 2009) AND OVER
TIME, OF REENGINEERING INITIATIVES BEING IMPLEMENTED OR
CONSIDERED BY THE COMPANY, INCLUDING COST MANAGEMENT,
STRUCTURAL AND STRATEGIC MEASURES SUCH AS VENDOR (INCLUDING,
AMONG OTHERS, CONSULTING AND OTHER PROFESSIONAL SERVICES),
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 TRAVEL AND OTHER GENERAL
OPERATING COSTS, AND PLANNED STAFF REDUCTIONS RELATING TO
CERTAIN OF SUCH REENGINEERING ACTIONS; AND THE COMPANY'S
ABILITY TO REINVEST THE BENEFITS ARISING FROM SUCH
REENGINEERING ACTIONS IN ITS BUSINESSES; AND 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. 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,
2008, ITS QUARTERLY REPORT ON FORM 10-Q FOR THE THREE MONTHS
ENDED MARCH 31, 2009, AND THE COMPANY'S OTHER REPORTS FILED
WITH THE SEC.

                            -2-

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