"As Delta's brand started to move and people started to see it as a premium brand, as a differentiated experience, Amex was critical to that because we see Amex as the premium credit card in the business."
In his biography, "Who Says Elephants Can't Dance?" Gerstner recounted his middle-class upbringing and time at Dartmouth University and Harvard Business School. At 23, he went to work for management consultancy McKinsey and within nine years became a senior partner before taking a senior role at American Express. During his 11 years at American Express, Gerstner had his first encounter with IBM when one of the divisions he oversaw adopted computers from Amdahl in addition to its Big Blue mainframes.
In the midst of the recession in 2010, American Express created Small Business Saturday during Thanksgiving weekend to encourage people to do more of their holiday shopping at local businesses. The first Small Business Saturday was a success, and a year later, the Shop Small Movement gains momentum, local officials across the nation take notice and move to promote the day.
If any investor has stood the test of time, it's Warren Buffett, and with good reason. For years, the Oracle of Omaha has had a rock-star-like presence in the investing world, and his annual Berkshire Hathaway shareholders meeting draws thousands of loyal investor fans. Buffett remains one of the world's most prominent investors, known for his long buy-and-hold strategies and massive portfolio of public and private holdings.
Chief Executive Steve Squeri hailed millennial and Gen Z Platinum members as "very comfortable paying for its exceptional value and highly engaged in the product," underscoring the company's successful push to attract a new generation of premium customers. The company posted net income of $2.9 billion, reflecting a 16% increase over the prior year. Earnings per share rose 19% to $4.14, topping analyst estimates of $3.99.
Younger American Express credit card holders are bucking industrywide trends regarding fiscal responsibility, said Amex CEO Stephen Squeri. Squeri said during an earnings call on Thursday, in which the company surpassed Wall Street expectations, that millennial and Gen Z customers are "performing significantly better, both from a FICO perspective and from a delinquency perspective, than the industry."
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