THE AMERICAN EXPRESS COMPANY

In mid1981, the time setting of this case, the American Express Company was engaged in operations involving (1) credit card services, (2) travelers' checks, (3) travel tour services, (4) travel communications, (5) cable television services, (6) property liability and casualty services, (7) life insurance and annuity services, and (8) international banking services. Additionally, the company was in the midst of a merger with the investment banking firm Shearson Loeb Rhoades, Inc. Most of the company's operations and proposed operations (in the case of the Shearson merger) were connected with either or both financial services and travel services. The single exception to this situation was the company's cable television operations.

In mid1981, also, the American Express Company was confronting a changing operational environment. At that time, financial deregulation in the United States was still relatively new, and the structure of financial services was in a state of dynamic change. Deregulation was resulting in a blurring of the defined areas of permissible activities for the different types of financial institutions and, in some instances, nonfinancial institutions. Both competitors and the structure of competition was undergoing change in the financial services sector.

In mid1981, the propertycasualty insurance industry was in the third consecutive year of underwriting loss. Annua

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Approximate Word count = 923
Approximate Pages = 4 (250 words per page)

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