Statement Regarding Global Commercial Services Sales Practices in the U.S.

 American Express issued the following statement regarding Global Commercial Services sales practices in the U.S.:

We discovered through internal channels that some members of our Global Commercial Services sales organization in the U.S. had failed to uphold our values and had positioned certain products inappropriately, specifically with respect to tax benefits. The issue primarily involved Premium Wire, a product that enables businesses to send wire payments globally.

This misconduct should not have happened. As a result of an internal investigation, we terminated employees and disciplined others, made product changes, adjusted our sales compensation plan, required additional training, and reinforced our permitted sales practices and policies. We also engaged an external law firm that is currently conducting an investigation of our small business sales practices in the U.S., including sales of Premium Wire and of a working capital solution created for one supplier and its buyers, and we will take further action if appropriate. We are discontinuing the Premium Wire service and are eliminating the Membership Rewards component of this working capital solution.

From 2018 through September 2021, Premium Wire and the working capital solution accounted for approximately one half of one percent of American Express’ total network volumes and less than one quarter of one percent of the company’s revenue globally.

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About American Express
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

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