Item 16. FORM 10-K SUMMARY

Not applicable.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						AMERICAN EXPRESS COMPANY
						/s/ JEFFREY C. CAMPBELL
						Jeffrey C. Campbell Chief Financial Officer

February 12, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the date indicated.

/s/ STEPHEN J. SQUERI						/s/ MICHAEL O. LEAVITT
Stephen J. Squeri Chairman, Chief Executive Officer and Director						Michael O. Leavitt Director
/s/ JEFFREY C. CAMPBELL						/s/ THEODORE J. LEONSIS
Jeffrey C. Campbell Chief Financial Officer						Theodore J. Leonsis Director
/s/ JESSICA LIEBERMAN QUINN						/s/ KAREN L. PARKHILL
Jessica Lieberman Quinn Executive Vice President and Corporate Controller (Principal Accounting Officer)						Karen L. Parkhill Director
/s/ THOMAS J. BALTIMORE, JR.						/s/ CHARLES E. PHILLIPS, JR.
Thomas J. Baltimore, Jr. Director						Charles E. Phillips, Jr. Director
						Director
/s/ CHARLENE BARSHEFSKY						/s/ LYNN A. PIKE
Charlene Barshefsky Director						Lynn A. Pike Director
/s/ JOHN J. BRENNAN						/s/ DANIEL L. VASELLA
John J. Brennan Director						Daniel L. Vasella Director
/s/ PETER CHERNIN						/s/ RONALD A. WILLIAMS
Peter Chernin Director						Ronald A. Williams Director
/s/ RALPH DE LA VEGA						/s/ CHRISTOPHER D. YOUNG
Ralph de la Vega Director						Christopher D. Young Director
/s/ ANNE LAUVERGEON
Anne Lauvergeon Director

February 12, 2021

Appendix

STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

The accompanying supplemental information should be read in conjunction with the “MD&A”, “Consolidated Financial Statements” and notes thereto.

Certain reclassifications of prior period amounts have been made to conform to the current period presentation. These reclassifications did not have a material impact on our financial position or results of operations.

A-1

Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential

The following tables provide a summary of our consolidated average balances including major categories of interest-earning assets and interest-bearing liabilities along with an analysis of net interest earnings. Consolidated average balances, interest, and average yields are segregated between U.S. and non-U.S. offices. Assets, liabilities, interest income and interest expense are attributed to the United States and outside the United States based on the location of the office recording such items.

						2020																		2019																		2018
Years Ended December 31, (Millions, except percentages)						Average Balance (a)						Interest Income						Average Yield						Average Balance (a)						Interest Income						Average Yield						Average Balance (a)						Interest Income						Average Yield
Interest-earning assets
Interest-bearing deposits in other banks
U.S.						$	31,446					$	100					0.3		%				$	22,169					$	517					2.3		%				$	24,570					$	485					2.0		%
Non-U.S.						2,367						51						2.2						2,085						48						2.3						1,830						33						1.8
Federal funds sold and securities purchased under agreements to resell
U.S.						—						—						—						19						3						15.8						—						—						—
Non-U.S.						184						11						6.0						56						6						10.7						58						7						12.1
Short-term investment securities
U.S.						658						7						1.1						409						11						2.7						434						6						1.4
Non-U.S.						97						1						1.0						93						1						1.1						149						1						0.7
Card Member loans (b)
U.S.						65,559						8,196						12.5						72,422						9,452						13.1						66,620						8,387						12.6
Non-U.S.						9,018						1,196						13.3						10,362						1,400						13.5						9,136						1,206						13.2
Other loans (b)
U.S.						4,078						342						8.4						4,101						413						10.1						3,110						312						10.0
Non-U.S.						139						45						32.4						170						43						25.3						145						36						24.8
Taxable investment securities(c)
U.S.						14,002						100						0.7						6,335						147						2.3						3,025						68						2.2
Non-U.S.						612						21						3.4						589						27						4.6						562						23						4.1
Non-taxable investment securities (c)
U.S.						128						5						5.1						237						11						5.9						855						25						3.7
Other assets (d)
Primarily U.S.						38						8						n.m.						17						5						n.m.						1						17						n.m.
Total interest-earning assets (e)						$	128,326					$	10,083					7.9		%				$	119,064					$	12,084					10.2		%				$	110,495					$	10,606					9.6		%
U.S.						115,909						8,758												105,709						10,559												98,615						9,300
Non-U.S.						12,417						1,325												13,355						1,525												11,880						1,306

n.m. Denotes rates determined to not be meaningful.

(a)Averages based on month-end balances.

(b)Average non-accrual loans were included in the average Card Member loan balances in amounts of $275 million, $307 million and $230 million in U.S. for 2020, 2019 and 2018, respectively. Average other loan balances for U.S. include average non-accrual loans of $3 million, $7 million and $4 million for 2020, 2019 and 2018, respectively. Average non-accrual loans are considered to determine the average yield on loans.

(c)Average yields for both taxable and non-taxable investment securities have been calculated using amortized cost balances and do not include changes in fair value recorded in other comprehensive loss. Average yield on non-taxable investment securities is calculated on a tax-equivalent basis using the U.S. federal statutory tax rate of 21 percent for 2020, 2019 and 2018.

(d)Amounts include (i) average equity securities balances, which are included in investment securities on the Consolidated Balance Sheets, and (ii) the associated income.

(e)The average yield on total interest-earning assets is adjusted for the impacts of the items mentioned in footnote (c).

A-2

Years Ended December 31, (Millions, except percentages)						2020 Average Balance (a)						2019 Average Balance (a)						2018 Average Balance (a)
Non-interest-earning assets
Cash and due from banks
U.S.						$	2,205					$	2,842					$	2,793
Non-U.S.						823						732						527
Card Member receivables, net
U.S.						27,414						27,724						26,435
Non-U.S.						16,009						28,040						27,100
Reserves for credit losses on Card Member and other loans
U.S.						(4,682)						(2,057)						(1,740)
Non-U.S.						(526)						(258)						(217)
Other assets (b)
U.S.						14,680						12,689						12,351
Non-U.S.						5,830						5,593						5,077
Total non-interest-earning assets						61,753						75,305						72,326
U.S.						39,617						41,198						39,839
Non-U.S.						22,136						34,107						32,487
Total assets						$	190,079					$	194,369					$	182,821
U.S.						155,526						146,908						138,454
Non-U.S.						34,553						47,461						44,367
Percentage of total average assets attributable to non-U.S. activities						18.2		%				24.4		%				24.3		%

(a)Averages based on month-end balances.

(b)Includes premises and equipment, net of accumulated depreciation and amortization.

A-3

						2020																		2019																		2018
Years Ended December 31, (Millions, except percentages)						Average Balance (a)						Interest Expense						Average Rate						Average Balance (a)						Interest Expense						Average Rate						Average Balance (a)						Interest Expense						Average Rate
Interest-bearing liabilities
Customer deposits
U.S.
Savings						$	69,796					$	697					1.0		%				$	59,087					$	1,247					2.1		%				$	50,499					$	919					1.8		%
Time						9,898						237						2.4						12,179						298						2.4						15,975						357						2.2
Demand						752						5						0.7						447						9						2.0						285						6						2.1
Non-U.S.
Other time and savings						11						1						9.1						16						1						6.3						21						1						4.8
Other demand						11						3						27.3						10						4						40.0						12						4						33.3
Short-term borrowings
U.S.						769						18						2.3						407						22						5.4						274						14						5.1
Non-U.S.						2,017						11						0.5						2,621						15						0.6						2,106						19						0.9
Long-term debt and other (b)
U.S.						48,690						1,123						2.3						57,936						1,859						3.2						54,631						1,613						3.0
Non-U.S.						336						3						0.9						325						9						2.8						390						10						2.6
Total interest-bearing liabilities						$	132,280					$	2,098					1.6		%				$	133,028					$	3,464					2.6		%				$	124,193					$	2,943					2.4		%
U.S.						129,905						2,080												130,056						3,435												121,664						2,909
Non-U.S.						2,375						18												2,972						29												2,529						34
Non-interest-bearing liabilities
Accounts payable
U.S.						4,642																		7,116																		7,120
Non-U.S.						4,737																		6,202																		6,064
Customer Deposits(c)
U.S.						766																		385																		377
Non-U.S.						682																		387																		370
Other liabilities
U.S.						18,954																		18,360																		18,619
Non-U.S.						6,016																		6,079																		5,428
Total non-interest-bearing liabilities						35,797																		38,529																		37,978
U.S.						24,362																		25,861																		26,116
Non-U.S.						11,435																		12,668																		11,862
Total liabilities						168,077																		171,557																		162,171
U.S.						154,267																		155,917																		147,780
Non-U.S.						13,810																		15,640																		14,391
Total shareholders' equity						22,002																		22,812																		20,650
Total liabilities and shareholders' equity						$	190,079																	$	194,369																	$	182,821
Percentage of total average liabilities attributable to non-U.S. activities						8.2		%																9.1		%																8.9		%
Interest rate spread																		6.3		%																7.6		%																7.2		%
Net interest income and net average yield on interest-earning assets**(d)`**												$	7,985					6.2		%										$	8,620					7.2		%										$	7,663					6.9		%

(a)Averages based on month-end balances.

(b)Interest expense primarily reflects interest on long-term financing and interest incurred on derivative instruments in qualifying hedging relationships on the hedged debt instruments.

(c)U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $742 million, $353 million and $342 million for 2020, 2019 and 2018, respectively. Non-U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $679 million, $381 million and $359 million for 2020, 2019 and 2018, respectively.

(d)Net average yield on interest-earning assets is defined as net interest income divided by average total interest-earning assets as adjusted for the items mentioned in footnote (c) from the table on A-1.

A-4

Changes in Net Interest Income − Volume and Rate Analysis (a)

The following table presents the amount of changes in interest income and interest expense due to changes in both average volume and average rate. Major categories of interest-earning assets and interest-bearing liabilities have been segregated between U.S. and non-U.S. offices. Average volume/rate changes have been allocated between the average volume and average rate variances on a consistent basis based upon the respective percentage changes in average balances and average rates.

						2020 Versus 2019																		2019 Versus 2018
						Increase (Decrease) due to change in:																		Increase (Decrease) due to change in:
Years Ended December 31, (Millions)						Average Volume						Average Rate						Net Change						Average Volume						Average Rate						Net Change
Interest-earning assets
Interest-bearing deposits in other banks
U.S.						$	216					$	(633)					$	(417)					$	(47)					$	79					$	32
Non-U.S.						6						(3)						3						5						10						15
Federal funds sold and securities purchased under agreements to resell
U.S.						(3)						—						(3)						—						3						3
Non-U.S.						14						(9)						5						—						(1)						(1)
Short-term investment securities
U.S.						7						(11)						(4)						—						5						5
Non-U.S.						—						—						—						—						—						—
Card Member loans
U.S.						(896)						(360)						(1,256)						730						335						1,065
Non-U.S.						(182)						(22)						(204)						162						32						194
Other loans
U.S.						(2)						(69)						(71)						99						2						101
Non-U.S.						(8)						10						2						6						1						7
Taxable investment securities
U.S.						177						(224)						(47)						72						7						79
Non-U.S.						1						(7)						(6)						1						3						4
Non-taxable investment securities
U.S.						(7)						1						(6)						(18)						4						(14)
Other assets
Primarily U.S.						6						(3)						3						272						(284)						(12)
Change in interest income						(671)						(1,330)						(2,001)						1,282						196						1,478
Interest-bearing liabilities
Customer deposits
U.S.
Savings						226						(776)						(550)						156						172						328
Time						(56)						(5)						(61)						(85)						26						(59)
Demand						6						(10)						(4)						3						—						3
Non-U.S.
Other time and savings						—						—						—						—						—						—
Other demand						—						(1)						(1)						(1)						1						—
Short-term borrowings
U.S.						20						(24)						(4)						7						1						8
Non-U.S.						(3)						(1)						(4)						5						(9)						(4)
Long-term debt and other
U.S.						(297)						(439)						(736)						98						148						246
Non-U.S.						—						(6)						(6)						(2)						1						(1)
Change in interest expense						(104)						(1,262)						(1,366)						181						340						521
Change in net interest income						$	(567)					$	(68)					$	(635)					$	1,101					$	(144)					$	957

(a)Refer to footnotes from “Distribution of Assets, Liabilities and Shareholders’ Equity” for additional information.

A-5

Maturities and Sensitivities to Changes in Interest Rates

The following table presents contractual maturities of loans and Card Member receivables by customer type, and segregated between U.S. and non-U.S. based on domicile of the borrowers, and distribution between fixed and floating interest rates for loans due after one year based upon the stated terms of the loan agreements.

December 31, (Millions)						2020
						Within 1 year (a)						1-5 years (b) (c)						5-15 years (c)						After 15 years (c)						Total
Loans
U.S. loans
Card Member						$	63,662					$	482					$	—					$	—					$	64,144
Other						497						2,068						112						57						2,734
Non-U.S. loans
Card Member						9,229						—						—						—						9,229
Other						92						26						—						—						118
Total loans						$	73,480					$	2,576					$	112					$	57					$	76,225
Loans due after one year at fixed interest rates
Card Member												$	482					$	—					$	—					$	482
Other												2,070						—						57						2,127
Loans due after one year at variable interest rates
Card Member												—						—						—						—
Other												24						112						—						136
Total loans												$	2,576					$	112					$	57					$	2,745
Card Member receivables
U.S.						$	30,287					$	193					$	—					$	—					$	30,480
Non-U.S.						13,221						—						—						—						13,221
Total Card Member receivables						$	43,508					$	193					$	—					$	—					$	43,701

(a)Card Member loans have no stated maturity and are therefore included in the due within one year category. However, many of our Card Members will revolve their balances, which may extend their repayment period beyond one year for balances outstanding as of December 31, 2020. Card member receivables are due upon receipt of Card Member statements and have no stated interest rate and are therefore included in the due within one year category.

(b)Card Member loans and receivables due after one year represent Troubled Debt Restructurings (TDRs). Card Members experiencing financial difficulties are offered modification programs wherein a long-term concession (more than 12 months) has been granted to the borrower and are classified as TDRs.

(c)Other loans due after one year primarily represents installment loans.

A-6

Credit Quality Indicators for Loans and Card Member Receivables

As a result of the adoption of CECL on January 1, 2020, there is a lack of comparability in both the reserves and provisions for credit losses for the periods presented. Results for reporting periods beginning after January 1, 2020 are presented using the CECL methodology, while comparative information continues to be reported in accordance with the incurred loss methodology in effect for prior periods. Refer to Note 1 and Note 3 to the “Consolidated Financial Statements” for further information.

The following table summarizes the ratio of all loans and Card Member receivables categories.

Years Ended December 31, (Millions, except percentages and where indicated)						2020						2019
Card Member loans
Net write-offs — principal less recoveries						$	1,795					$	1,860
Net write-offs — interest and fees less recoveries						$	375					$	375
Average Card Member loans (billions)(a)						$	74.6					$	82.8
Principal only net write-offs / average Card Member loans outstanding (b)						2.4		%				2.2		%
Principal, interest and fees net write-offs / average Card Member loans outstanding (b)						2.9		%				2.7		%
Other loans
Net write-offs						$	111					$	97
Average Other loans (billions)(a)						$	4.2					$	4.3
Net write-offs/average other loans outstanding (b)						2.6		%				2.3		%
Card Member receivables
Net write-offs — principal and fees less recoveries						$	881					$	900
Average Card Member receivables (billions)(a)						$	43.9					$	56.4
Net write-offs / average Card Member receivables outstanding (b)						2.0		%				1.6		%
Reserve for credit losses						$	5,849					$	3,154
Non-accrual loans (c)						$	176					$	346
Reserve for credit losses to total loans and Card Member receivables (d)						4.9		%				2.1		%
Non-accrual loans to total loans (e)						0.2		%				0.4		%
Reserve for credit losses to non-accrual loans (f)						3171.4		%				732.8		%

(a)Averages are based on month-end balances for the periods presented.

(b)The net write-off rate presented is on a worldwide basis and is based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(c)Non-accrual loans not in modification programs primarily include certain loans placed with outside collection agencies for which we have ceased accruing interest. Amounts presented exclude loans classified as TDR. Lower non-accrual loans are primarily driven by higher enrollments under In House TDR programs and lower delinquencies.

(d)Represents the reserve for credit losses as a percentage of total loans and Card Member receivables. Refer to “Maturities and Sensitivities to Changes in Interest Rates” for total outstanding balance of loans and Card Member receivables.

(e)Represents percentage of non-accrual loans to total loans.

(f)Represents the total reserve for credit losses on Card Member loans and other loans as a percentage of total non-accrual loans. Refer to “Allocation of reserve for credit losses” for reserve related to Card Member loans and other loans.

A-7

Allocation of Reserve for Credit Losses

The following table shows the reserve for credit losses allocated to each of loans and Card Member receivables by customer type, and between U.S. and non-U.S. borrowers.

December 31,						2020												2019
(Millions, except percentages) Reserve for credit losses at end of year applicable to						Amount						Percentage (a)						Amount						Percentage (a)
Loans U.S. loans
Card Member						$	4,820					86		%				$	2,085					82		%
Other						228						4						150						6
Non-U.S. loans
Card Member						524						10						298						12
Other						10						—						2						—
						$	5,582					100		%				$	2,535					100		%
Card Member receivables
U.S.						$	216					81		%				$	406					66		%
Non-U.S.						51						19						213						34
						$	267					100		%				$	619					100		%

(a)Percentage of reserve for credit losses on loans and Card Member receivables in each category to the total reserve.

A-8

Uninsured Time Certificates of Deposit

The following table presents the amount of uninsured time certificates of deposit issued by us in our U.S. and Non U.S. offices, further segregated by time remaining until maturity. For any account holder with aggregate deposits in excess of insured limits, the uninsured deposits are calculated proportionately as a percentage of total deposits for each category of deposits held as of the reporting date.

			By remaining maturity as of December 31, 2020
(Millions)			3 months or less						Over 3 months but within 6 months						Over 6 months but within 12 months						Over 12 months						Total
U.S. (a)			$	65					$	53					$	100					$	118					$	336
Non U.S. (b)			$	2					$	1					$	4					$	—					$	7

(a)We offer deposits within our U.S. bank subsidiary, AENB. These funds are currently insured up to $250,000 per account holder through the FDIC.

(b)Includes time deposits in certain of our Non-U.S. offices, that exceed the insurance limit as defined by the regulatory rules in individual markets.

A-9