- "Is the American Express (AXP -0.5%) business model fundamentally broken," says CEO Ken Chenault, speaking at the company's investor day. "I can tell you with complete confidence, that answer here is no."
- Talking about "resetting" the cost base, Vice Chairman Steve Squeri, takes aim at $11.3B of adjusted operating expenses and $3.1B of marketing & promotion. It's hoped to bring that $14.4B total down to $13.4B by 2017. No numbers on job cuts are given though.
- 2016 EPS is expected at $5.40-$5.70 per share and 2017 at equal or greater than $5.60. The company earned $5.38 in 2015.
- At 4% revenue growth, the company can grow EPS 5-7%, and at 6% revenue growth EPS can go up 10-12%. The old EPS target of 12-15% growth isn't appropriate in this environment, says Chenault.
- Webcast and presentation slides