American Express Announces $1 Billion Action Plan to Promote Racial, Ethnic and Gender Equity for Colleagues, Customers and Communities

American Express (NYSE: AXP) today announced its action plan to advance its diversity, inclusion and equity priorities. The plan includes a series of internal and external initiatives, commitments and resources, supported by $1 billion in investments toward enhancing diverse representation and equal opportunities for its colleagues, customers and communities.

“American Express has a long-standing commitment to fostering an inclusive and welcoming workplace that reflects the diversity of the customers and communities we serve,” said Stephen J. Squeri, Chairman and Chief Executive Officer. “Central to this commitment is standing up against racism and eliminating barriers that have prevented people of all racial, ethnic and gender identities from having equal opportunities to pursue their aspirations. To build on the foundation of work we are doing to drive inclusion, equity and diversity, we are announcing several actions today to advance our progress against our priorities, with clear objectives and goals for which we will hold ourselves accountable.”

To develop and execute on the next phase of the company’s strategy, earlier this year, American Express formed the Office of Enterprise Inclusion, Diversity and Business Engagement, which will be responsible for driving these programs and measuring the company’s progress against its objectives.

“American Express is built on relationships based on trust and respect, and by embedding inclusion and diversity into everything we do,” said Robert Childs, Executive Vice President of the Office of Enterprise Inclusion, Diversity and Business Engagement. “We are committed to mobilizing our collective resources across the company to make an even greater impact for our colleagues, customers and communities. Our goal is to eliminate barriers that have made it more difficult for underrepresented groups to have equal access to economic and social opportunities.”

BACKING OUR COLLEAGUES AND ADVANCING OUR INCLUSIVE CULTURE

American Express is committed to fostering an inclusive, equitable and diverse workplace where colleagues of all backgrounds can bring their whole selves to work and thrive. To ensure its colleagues reflect the diversity of the communities it serves, the company is taking additional steps, including:

• Achieving and Maintaining 100% Pay Equity: A cornerstone of American Express’ inclusive culture is equal pay for equal work. The company has made investments over the years to ensure colleagues in the same job, level and location are compensated fairly regardless of gender globally and race and ethnicity in the U.S. In 2019, the company achieved pay parity, meaning differences in pay were statistically insignificant. This year, American Express went even further and made additional investments to achieve full pay parity, reaching 100% pay equity for colleagues across genders globally and across races and ethnicities in the U.S. The company is committed to maintaining this level going forward.

• Enhancing Colleague Representation: As of the end of 2019, Black/African American and Latinx people represented 12.5% and 12.9%, respectively, of American Express’ U.S. workforce, and female colleagues comprised more than 50% of the company’s global workforce. To ensure more balanced representation at all levels of the company, American Express has a comprehensive strategy that encompasses recruitment, hiring and promotion practices to attract, develop and retain underrepresented colleagues, including Black/African American, Latinx and female colleagues. To further inform the company’s diversity, career and learning strategies and strengthen its inclusive culture, American Express has launched a voluntary Self-Identification initiative providing colleagues the opportunity to share their diversity information with the company.

BACKING OUR CUSTOMERS AND BUSINESS PARTNERS