An Ethically Transformed Organization : American Express

American Express Company, also known as Amex, is a leading American Multinational, operating out of more than 40 countries (American Express, 2015). Founded in 1850, this American giant has undergone many business transformations due to its changing customer’s needs & economic conditions.

Since 1998, Bank of America has become one of the most successful financial institutions in the industry. With the mission to “make financial lives better, through the power of every connection”, Bank of America has operated its business align with its purpose. While assisting its clients understand their money, the company also put on a lot of effort on helping the communities by executing Corporate Social Responsibility (CSR). It is undeniable that the company has successfully addressed many critical problems in the environmental, social and economics arenas, as it continually receive awards and recognitions for its CSR efforts.

On September 8 2016, the Consumer Financial Protection Bureau (CFBP) announced that it was taking an enforcement action against Wells Fargo Bank . Wells Fargo is a Fortune 100 company and one of the "Big Four Banks" of the United States. Investigations conducted by the Bureau revealed that employees of the bank created unauthorized deposit and credit card accounts across the country to meet sales goals. Over the years, the bank’s employees opened over 1.5 million fraudulent bank accounts and 0.5 million fake credit card accounts for customers, to meet sales targets and obtain bonuses. The affected consumers, were being harmed by the associated charges and fees for these accounts. The fees include insufficient funds or overdraft fees for the deposit accounts and annual fees for credit card accounts.

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In this paper I intend to use the Formula of Humanity, an ethical theory formed by Emmanuel Kant, to evaluate and investigate the Wells Fargo Case study and come to a conclusion on whether Wells Fargo should continue using their current Retail Banking strategy. I will start this paper with a paragraph describing the case and the situations where Wells Fargo’s Retail Banking strategy may have possibly been considered unethical and unlawful. I will also introduce two articles in this same paragraph. One article will assist me in defending my ethical evaluation and the other will help me raise a counter

The Bank of America Corporation (Bank of America) is a bank and financial holding company that serves “individual consumers, small- and middle-market businesses, institutional investors, corporations and Governments with… bank and nonbank financial services and products.” (Reuters) Profiting $5.32 billion in the second quarter of 2015, Bank of America is one of the biggest banks in the United States and the world. (Rexrode & Rudegeair)

Not only are there current rivals in every industry, there is always the threat and opportunity for potential entrants to come to the industry. But not just anyone can enter an industry easily, as there are barriers to entry that will prevent some competitors to entering a market. American Express has worked hard to set itself apart from its competitors and create a product differentiation. Because American Express is in the closed-loop network, being the issuer and acquirer, they attract more of an affluent customer base who are more likely to spend more on their transactions. Unlike other card companies, American Express relies on their primary source of revenue being the discount fee that they charge the companies that accept its cards. “These fees are charged as a percentage of the charge amount processed for the merchant” (Forbes, 2014). With that being said, this means American Express relies on its affluent customers

The American Express Company, also known as Amex, is a financial multinational corporation headquartered in New York City, United States. The company holds the largest integrated payments platform in the world. The 166-year-old company offers premium credit payment card products, and travel services to consumers and businesses all around the globe. Amex is the world’s largest card issuer by purchase volume accounting for approximately 24% of the dollar volume in the United States alone (Wikipedia). It is among the 30 participating members of the Dow Jones Industrial average. The company is ranked as 22nd most valuable brand in the world (BusinessWeek, 14). Segments under the company include: U.S Card Services, International Card Services, Global Communication Services and Global Network-Merchant services.

American Express is known worldwide for its charge cards, travelers’ services, and financial services. It is one of the best-known and most-respected global brands. As it grew from a 19th Centurynineteenth- express company into a travel services expert by the mid-1900s, American Express (AMEXAMEX) became associated in the minds of consumers with prestige, security, service, international acceptability, and leisure. Advertising for the company, which began in earnest in the 1960s, reinforced these associations. For example, the now-famous taglinetag line “Don’t leave home without it” was created to convey the essentiality of owning an American Express cardAmerican

Today, American Express is transforming the service into the Digital Era, and has Salesforce as its primary partner. “American Express wants to bring the service into the 21st century by redefining its meaning,” said Susan Sobbott, president of Global Corporate Payments. “The way we redefine that is to have such a strong real-time presence that we practically anticipate customer needs.” For Digital Era, this means using data that helps customers solve problems and make important decisions about their business.

American Express is a global service company, providing customers with access to products, insights and experiences that enrich lives and build business success. A leader in global payments, American Express is the largest card issuer by purchase volume and operates a worldwide network that processes millions of merchant transactions daily. It offers the broadest array of payment, expense management and travel solutions for consumers, small businesses, midsize companies and large corporations.

Client-Based Relationships – With so many banking and credit card company choices, American Express needs to focus on customer relationships to keep the customers it has, which also help deliver new customers through word of mouth.

This week’s case discusses gratifying millions and millions of consumers worldwide along with the customer service adversities comprised meanwhile as annual profits surpass $40 billion along with business operations amounting to 900 billion. The American Express Company is an American multinational financial services. The corporation is headquartered within the Three World Financial Center in New York City.

As we all know management level is most important element in a big company which is operating company and make directional decision. One of the company including Chairman, Chief Finance Officer and Chief Executive Officer, these three positions are most important ingredient in industry association. This research paper is to analysis and introduce Kenneth Chenault who is American Express’s Chief Executive Officer and Chairman. As a CEO and Chairman, he has to formulate business strategy, create company culture, report regular annual report to Board of Directors, host convention and so on. Follow these job description, as we can see a lot of work that CEO need to do. Continue to table of content, we will provide short biography of Kenneth Chenault and analysis which interpersonal roles he is. And this research paper will analysis and appraisal of informational competencies, research Kenneth comprehensive ability and conclusion.

American Express Case Study Research Papers, Essays, and Term Papers 1-800-351-0222 or 310-313-1265 Or Order On-Line! American Express Case Study  Term Paper ID:27345 Get This Paper Free!or Buy This Paper Essay Subject: Analyzes the successful management changes instituted at American Express in the 1980s by CEO Lou Gerstner.... Pages / 1800 Words 1 sources, 3 Citations, APA Format rating 32.00 More Papers on This Topic Paper Abstract: Analyzes the successful management changes instituted at American Express in the 1980s by CEO Lou Gerstner. Paper Introduction: American Express Case Study Description Much of the success of American Express during the mid1980s was attributed to the entrepreneurial management