Statement Regarding the FRB and OCC’s Consent Orders

The following is a statement from Chairman and Chief Executive Officer Stephen J. Squeri regarding the consent orders issued by the Federal Reserve Board (FRB) and the Office of the Comptroller of the Currency (OCC) and with American Express Company and certain subsidiaries to resolve previously disclosed reviews by the banking regulators of certain aspects of our Financial Crimes Compliance program:

American Express takes its responsibility to combat financial crimes seriously. We are fully committed to addressing the concerns outlined by the FRB and OCC and continuing to strengthen our Financial Crimes Compliance program.

Through our own internal and external reviews, we identified areas for improvement in our Financial Crimes Compliance program. We also investigated transactions that we identified being processed over our network by individuals misusing our products for the purchases of goods and services, reported that information to law enforcement, and took other appropriate action.

Over the last few years, we have engaged closely with regulators as we have strengthened our controls and with law enforcement to provide information. We have made and continue to make substantial investments in our people, technology, training, governance, and oversight to fortify how we identify, assess, and respond to evolving financial crimes risk across our business and the industry.

Our efforts have included independent reviews of our Financial Crimes Compliance program, enhancements to key risk management and compliance processes, increased governance and oversight, expanded expertise across the company, and improvements in our monitoring and investigative capabilities. We believe our reporting has provided important intelligence to law enforcement and that the enhancements have materially strengthened our program.

While we have made meaningful progress, we know there is more work to do. We will continue to work cooperatively with regulators and law enforcement and continue to build a strong and effective Financial Crimes Compliance program.

A portion of the civil money penalty was reserved for in prior periods, and it does not impact full-year 2026 guidance. The consent orders do not impose an asset cap on American Express, and costs associated with addressing the requirements are not anticipated to affect 2027 guidance.

Cautionary Note Regarding Forward-Looking Statements

This statement includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address the Company's current expectations regarding management's guidance for 2026, future investments and costs, and potential impacts to guidance for 2027, among other matters, contain words such as "believe," "expect," "anticipate," "intend," "plan," "will," "may," "should," "could," "would," "likely," "continue," and similar expressions. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including the effectiveness of our remediation efforts; our ability to control operating expenses and the actual amount we spend on operating expenses in the future, which could be impacted by, among other things, expenses related to enterprise risk management and Financial Crimes Compliance program; and legal and regulatory developments, including the payment of potential additional fines, penalties, or judgments. 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, 2025, the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and the Company's other filings with the Securities and Exchange Commission. 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.

MEDIA CONTACTS

Melanie Backs, Vice President, Corporate Affairs & Communications
[email protected]
203-517-8926

Becca Moomjian, Director, Corporate Affairs & Communications
[email protected]
414-640-0916