Steve joined American Express in 1985 as a manager in the Travellers Cheque Group. Q3 21 over Q3, 19. so why? Under his leadership, American Express has launched innovative payment, financial management and lifestyle offerings for consumers and businesses, expanded strategic partnerships, enhanced digital capabilities, reshaped its strategy to drive growth in international markets and became the first foreign payments network to receive a clearing license in mainland China. Steve joined American Express in 1985 as a manager in the Travellers Cheque Group and has held a variety of senior roles across the company. He currently serves as Chair of the Alumni Council for NYU Stern, and previously served as the Councils Development Committee Chair. Before joining American Express, Steve spent four years as a management consultant at Arthur Andersen and Company. All of that is done digitally. BRIAN SOZZI: I'm sure I'm going to get push back on Twitter for this one, Steve, but you've raise the prices for the cards. (Source: Bloomberg). He will leave the company on February 1 as part of a leadership transition that has been years in the making. But I think you know something. But then on the flip side the And I'll explain why you to be you know your very best. very interesting. And it's also an opportunity to be challenged. It also doesn't create waste and may help fight the climate crisis. But you've got a question from the audience right now. it more. And we created a office of diversity inclusion inclusion and business engagement where And both my grandparents came in from And a new to premium products and a gaining market millions and millions of locations. On Thursday, Amex asked all New York-based staff to return to the office at least one day a week from March 1. Sign up for notifications from Insider! But what we're hearing from our consumers is they are desperate ticket back in travel. administration. So we see consumer spending online or holiday or holiday spending was up. Smith held no currency with a public that knew almost nothing about him, so the data breach quickly came to define and ultimately end his tenure as CEO. Well, we don't target our spending at any particular number. And so our When professional sports teamsmove on after the retirement of a star player, they are usually given some breathing room from fans who understand that no team can field a winner every year. While not everyone will be an ally, the new CEO should be open to learning from those who served under the prior leadership team and benefit from the companys institutional memory. I just announced the other day that if if you want to work from home you can still work from home till Labor Day Yeah. looking to lovingly come once a country. It is a pleasure to speak with you Steve. merchants on board for us. We were We've got them through through their problems. At American Express Company, we promise to treat your data with respect and will not share your information with any third party. America but for many as the year 2020 and beyond. His only notable public statement was an apology video after Equifax revealed a massive breach of its customer data. As we're seeing acquisition levels-- look, our acquisition levels pre-raising the fee, and enhancing the value, we're up 20% over the prior 19 levels. share. our models a little bit different than anybody else's model as we are an issuer a network and an acquirer. Steve Squeri, American Express chairman and CEO, join 'Closing Bell' to discuss the company's quarterly earnings results. situation where both parties can work together for the good of the country to move it to move it forward you know enhance our STEPHEN SQUERI: That is correct. We look at the pandemic as sort of a two corporate. And it's one that you know sort of went back to my own heritage. In his previous role as Vice Chairman, Steve led the companys Global Commercial Services group, as well as its shared services groups, which include technology, customer servicing, credit administration and business services functions. He also led an internal strategy and transformation group that tackles key operational challenges that cut across the company. BRIAN SOZZI: Stephen Squeri is the chairman and CEO of American Express. They That's what we're striving for. To contact the Payments Leadership Council, clickthe link below or email media@paymentsleadershipcouncil.org And I'm full of different age bands and we know the next generation. You know I think. started. So look it's I think it's been a bit of a challenge. The reality is that we've expanded our value propositions. thinking about when we hopefully sit here again this time next year. No. Many new leaders choose a soft-touch approach at the outset, preferring to sit back and listen before exerting their new power and making big changes. In 2009, Steve was named Group President and led the formation of the Global Services Group, consolidating and globalizing the companys customer servicing, credit and fraud, technology, and business support functions. How are you feeling about getting those shots in your employees arms. Regardless of the circumstances of their hire, new CEOs should go out of their way to understand both the successes and failures that led the company to where it is today. where I'm at right now. pushed our thinking and pushed our capabilities faster and further than we probably would've gotten to without the He is a frequent contributor to Forbes on leadership and coined the term the "Age of the CEO Statesman. But again we're always watching you know watching how things emerge Workers will need to be vaccinated and have received a booster vaccine if they wish to work in, or attend, any of the firm's offices, unless medically exempt. the political side here because you know is it was a year like no other. lot of people. online or digital spending went way up. We looked at more digital offers through the app. The others want to make major purchases. Mr. Squeri is also on the board of 5 other companies. 1-800-463-5911 He focused on management first, and only later did he carefully begin to establish his voice as a thought leader in technology and culture. fact we can help and help our employees get vaccinated. In order to lead effectively, a CEO must inspire loyalty from his or her staff. Winds up playing out. WebStephen J. Squeri Since being named to this role in February of 2018, Steve has built a culture focused on backing customers, colleagues and communities and has evolved the a lot better. that we are going to be back to where we were supposed to be in 2020. doesn't fit at this particular point time from an issuing perspective but it does fit from an acquiring perspective cause They're looking to live their lives. It was an awakening for me that What you think 20 or 21 will have taught you what you how are desperate to get back and go out to dine. They acquire merchants for us. And the team really pivoted and came up came up with you know credits for cellular service I had a platform and I had an ability to make a difference and I can make a difference in this company. At American Express Company, we promise to treat your data with respect and will not share your information with any third party. So we have a load of investment opportunities that we think are quite attractive. Twenty five percent want to pay down debt. lends money and we put them into some financial assistance programs. with distribution. Follow us on Twitter@PaymentsLeaders. Stephen also serves as a board member in various companies. we really looked at our brand our culture our colleagues our community involvement our business relationships and our What you learn about yourself since that June moment And savvy businesses as well and new provide facilities to small We're making decisions across the globe, across our small business products, our corporate card products, our co-branded products, our consumer products, and our merchant business. Alan Gallo is a well-reputed executive with deep experience spanning Finance, Strategy, Business Transformation, M&A and the payments industry. You're staring such a call to action from the audience that It's hard to quantify some of the other benefits that we have, in terms of access and special dining offers through Rezy, and again, that fine hotels and resorts benefit. the perception of herd immunity the efficacy of these vaccines have been proven out. Contact Alan Fleischmann is founder and CEO of Laurel Strategies. We doubled down on our travel benefits. WebAlan currently serves as the Chief Audit Executive and head of the Internal Audit Group, providing strategic leadership on internal and external audit, compliance, and risk matters. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. You had to understand what he or consumer was and then offer them new things rather than the hotel that I might pandemic. And You know whether in New Jersey whether you're in you know in New You can sign up for additional alert options at any time. worthy high net worth individuals. almost had to disrupt yourself inside the way that we will look at the business but also the disruption 2020 in that cause. year pause on our growth story. have that awareness and it's important that we educate you. Previously, Steve served as Vice Chairman of American Express from 2015 to 2018, during which time he brought together separate divisions supporting small businesses, middle market firms and large companies to create the Global Commercial Services Group, which today represents approximately 40 percent of the companys overall volumes. Through strategic public statements and appearances not simply chasing headlines they can broadcast their companys new direction while establishing a voice on issues that matter to them. Why is that the case? And what must be fascinating is to see how other countries are coming out of this crisis faster or slower than others. Do we. Is this democratization. And as we look about and talk about the year ahead as we think about the It's really hard to quantify the lounge access that we provide people, with the Lounges that we continue to invest in, and the other 1,200 lounges that people have access to. I, mean do you think just based on momentum, you are seeing Millennials, Gen Z that the card is undervalued at that price, and you might be able to push a higher price through? you know logistics is always tough. cooler heads prevail that we do get to a sort of a detente basically with China and we're able to continue growth. You look. We've got so many audience questions coming in. But even those who succeed iconic, successful executives should do so in their own way. Number one you know our customer base is tends to be high credit And you know we took our colleagues took 64000 colleagues virtual back in But what we're really focused in on in in 2021 is really this transition. I think that over time you know hopefully by the March timeframe if not the end of February And I think a challenge you I challenge you to be more agile. We Companies dont have this luxury. So look we've we've gone through. We spent over two hundred No. BRIAN SOZZI: Do I have this number right, Steve, that you are going to spend $5 billion in marketing this year? We're certainly willing to do that if and when we're asked. And when you're challenged it A native of Queens, NY, Steve is deeply committed to giving back to the community and advancing opportunities for education and economic development. since social justice came to the forefront. "The David Rubenstein Show: Peer-to-Peer Conversations" explores successful leadership through the personal and professional choices of the most influential people in business. How are you seeing SMB demands on you right now. We also caught Louisville, KY 40233-5000 Previously, Steve served as Vice Chairman of American Express from 2015 until 2018, during which time he brought together separate divisions supporting small businesses, middle market firms and large companies to create the Global Commercial Services Group, which today represents 40 percent of the companys overall revenues, as well as heading enterprise-wide shared services functions. strategy globally is we've got some strategic markets that we invest very heavily in. You saw offers that were targeted value of our product. If you experience any issues with this process, please contact us for further assistance. Just talking about are you concerned at all He said that his company trusted its staff and that hybrid working gives them a better work-life balance. Stephen J. Squeri is Chairman and Chief Executive Officer of American Express, a leader in global payments and one of the worlds most respected companies. Making a few strategic and bold decisions early sends an important signal about a new CEOs values and courage. In his previous role as Vice Chairman, Steve led the Alan is passionate about supporting the community and serves on the boards of Brooklyn Community Services and The League Education and Treatment Center, both of which are Brooklyn-based non-profit organizations. Squeri is inheriting one of the worlds most recognizable and valuable brands. WebStephen J. Squeri is Chairman and Chief Executive Officer of American Express, a leader in global payments and one of the worlds most respected companies. So we think China is really going to be you know a good growth opportunity for us not only in the market but HONORARY CHAIR OF THE BOARD Before joining American Express, Steve spent four years as a management consultant at Arthur Andersen. You know we are was tough. Billionaire Deripaska Warns Russia May Run Out of Money in 2024, QE Was a Giant Debt Swap. And that's really good cabbage. we've got one asking you about your plans for expansion in emerging markets. banks to issue American Express cards which is about 90 percent of the market. You know consumers by definition consume. Marie-Jose Kravis and Ian Cook, Pursuing basic and translational research across 9 programs and 100+ labs, Focusing on clinical cancer research and population health, Bridging the lab and the clinic through translational research, Fostering interdisciplinary collaborations between laboratory scientists and clinicians, Partnering with other academic and research institutions, Offering state-of-the-art resources for our researchers, Offering a curriculum with a focus on cancer, Connecting college seniors to future careers in biomedicine, 2023 Memorial Sloan Kettering Cancer Center, Human Oncology & Pathogenesis Program (HOPP), Gerstner Sloan Kettering Graduate School of Biomedical Sciences, High school & undergraduate summer programs. What we How are you working from home. partnership opportunities as well. Leading these teams provided Alan direct experience in using intelligent automation, including artificial intelligence and robotics to improve efficiency and customer service. You guys are looking at crypto. Underlying technology is is with the Trump administration as well. We had a great growth story before the pandemic 10 straight quarters of revenue growth of When you look at our fine hotels and resorts benefits, those benefits allow Millennials-- and anybody else that has the Platinum card-- to check in early, check out late, get free breakfast credits, and so forth. And so when you when you Hes relatively new to this job. What Now for a Fed That Has Fallen Behind theCurve Again? one that really hits at home for me. Alan currently serves as the Chief Audit Executive and head of the Internal Audit Group, providing strategic leadership on internal and external audit, compliance, and risk matters. I'm UPDATE 1-Euro zone inflation eases in February but core prices surge, Factbox-Elon Musk's missed deadlines for FDA approval of Neuralink brain-chip trials, Trudeau's TikTok ban to curb social media reach of opposition leaders, Factbox-Neuralink, other brain-chip makers face long road to FDA approval, FOREX-Euro falls against the dollar after euro zone inflation data. You get a 30 dollar credit per month for the next six months. 1-800-463-5911 I mean whether I wanted to pay for some more content went on my television as well. I'm So when you look at the overall value propositions that we have put together here, we've doubled down on travel, but we've also expanded into other categories, whether that be our platinum perspective, or our Walmart Plus membership. Memorial Sloan Kettering was founded in 1884, and today is a world leader in patient care, research, and educational programs. Yeah. 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