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89-708: The American Express Company or Amex is an American bank holding company and multinational financial services corporation that specializes in payment cards . It is headquartered at 200 Vesey Street , also known as American Express Tower, in the Battery Park City neighborhood of Lower Manhattan . Amex is the fourth-largest card network globally based on purchase volume, behind China UnionPay , Visa , and Mastercard . 141.2 million Amex cards were in force worldwide as of December 31, 2023, with an average annual spend per card member of US$ 24,059. That year, Amex handled over $ 1.7 trillion in purchase volume on its network. Amex

178-594: A terracotta seal with the American Express Eagle. In 1890–91 the company constructed a new ten-story building by Edward H. Kendall on the site of its former headquarters on Hudson Street . By 1903, the company had assets of some $ 28 million, second only to the National City Bank of New York among financial institutions in the city. To reflect this, the company purchased the Broadway buildings and site. At

267-586: A 4.61% worldwide market share by payment volume in 2022, compared to 38.73% for Visa and 24% for Mastercard. While American Express credit cards are accepted at 99% of US merchants that accept credit cards ( Costco being a notable exception), they are much less accepted in Europe and Asia. American Express offers various types of cards including travel and dining cards, everyday spending points cards, and cash back cards. Each category has several card options with different benefits and reward structures. High-profile cards like

356-660: A better solution than the letter of credit. Berry introduced the American Express Traveler's Cheque which was launched in 1891 in denominations of $ 10, $ 20, $ 50, and $ 100. Traveler's cheques established American Express as a truly international company. In 1914, at the onset of World War I , American Express in Europe was among the few companies to honor the letters of credit (issued by various banks) held by Americans in Europe, because other financial institutions refused to assist these stranded travelers. The British government appointed American Express its official agent at

445-494: A ceramic glaze. Terracotta sculptures in the West were rarely left in their "raw" fired state until the 18th century. Terracotta female figurines were uncovered by archaeologists in excavations of Mohenjo-daro , Pakistan (3000–1500 BCE). Along with phallus-shaped stones, these suggest some sort of fertility cult. The Burney Relief is an outstanding terracotta plaque from Ancient Mesopotamia of about 1950 BCE. In Mesoamerica ,

534-716: A financial services holding company and made several acquisitions, creating an investment banking arm. In mid-1981 it purchased Sanford I. Weill 's Shearson Loeb Rhoades , the second-largest securities firm in the United States to form Shearson/American Express . Shearson Loeb Rhoades itself was the culmination of several mergers in the 1970s as Weill's Hayden, Stone & Co. merged with Shearson, Hammill & Co. in 1974, to form Shearson Hayden Stone . Shearson Hayden Stone then merged with Loeb, Rhoades, Hornblower & Co. (formerly Loeb, Rhoades & Co. ) to form Shearson Loeb Rhoades in 1979. With capital totaling $ 250 million at

623-645: A large impact on the appearance of temples and other buildings in the classical architecture of Europe , as well as in the Ancient Near East . This article covers the senses of terracotta as a medium in sculpture, as in the Terracotta Army and Greek terracotta figurines , and architectural decoration. East Asian and European sculpture in porcelain is not covered. Prior to firing, terracotta clays are easy to shape. Shaping techniques include throwing , slip casting as well as others . After drying, it

712-515: A local bank card clearing business license in China. In a court case Ohio v. American Express Co. (2018), merchants filed a class action lawsuit against American Express and claimed that charging high fees to merchants is a violation of the Sherman Antitrust Act . According to the lawsuit, American Express charges significantly higher fees than other credit card providers. In January 2017,

801-519: A result of antitrust litigation brought by the United States Department of Justice . In January 2004, American Express reached a deal to have its cards issued by MBNA . Initially decried by Mastercard executives as nothing but an "experiment", the cards were issued beginning in October 2004. An agreement was reached regarding the acquisition of MBNA by Bank of America whereby Bank of America owned

890-411: A speciality of terracotta temples, with the sculpted decoration from the same material as the main brick construction. Terracotta tiles have also been used extensively for floors since ancient times. The quality of terracotta floor tiles depends on the suitability of the clay, the manufacturing methods (kiln-fired being more durable than sun baked), and whether the terracotta tiles are sealed or not. In

979-469: A tax free basis, borrow money, acquire other banks and non-bank entities more easily, and issue stock with greater regulatory ease. It also has a greater legal authority to conduct share repurchases of its own stock. The downside includes responding to additional regulatory authorities, especially if there are more than 2,000 shareholders (note: prior to the Jobs Act or Jumpstart Our Business Startups Act ,

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1068-410: A tightly controlled, single-use card number. In March 2008, Standard Chartered Bank acquired American Express Bank Ltd, the international banking subsidiary of American Express for $ 823 million. On November 10, 2008, during the 2007–2008 financial crisis , the company received Federal Reserve System approval to convert to a bank holding company , making it eligible for government assistance under

1157-526: A very early date. The famous Terracotta Army of Emperor Qin Shi Huang , 209–210 BCE, was somewhat untypical, and two thousand years ago reliefs were more common, in tombs and elsewhere. Later Buddhist figures were often made in painted and glazed terracotta, with the Yixian glazed pottery luohans , probably of 1150–1250, now in various Western museums, among the most prominent examples. Brick-built tombs from

1246-653: Is one of the largest US banks , and is ranked 77th on the Fortune 500 and 28th on the list of the most valuable brands by Forbes . In 2023, it was ranked 63rd in the Forbes Global 2000 . Amex also owns a direct bank . Founded in 1850 as a freight forwarding company, Amex introduced financial and travel services during the early 1900s. It developed its first paper charge card in 1958, gold card in 1966, green card in 1969, platinum card in 1984, and Centurion Card in 1999. The "Don't Leave Home Without It" advertising campaign

1335-401: Is a limit on the stress that can be imposed on terracotta, and terracotta statues of unsupported standing figures are limited to well under life-size unless extra structural support is added. This is also because large figures are extremely difficult to fire, and surviving examples often show sagging or cracks. The Yixian figures were fired in several pieces, and have iron rods inside to hold

1424-613: Is broadly defined as "any company that has control over a bank". All bank holding companies in the US are required to register with the Board of Governors of the Federal Reserve System . The Federal Reserve Board of Governors , under Regulation Y ( 12 CFR 225 ) has responsibility for regulating and supervising bank holding company activities, such as establishing capital standards , approving mergers and acquisitions and inspecting

1513-522: Is placed in a kiln or, more traditionally, in a pit covered with combustible material, then fired . The typical firing temperature is around 1,000 °C (1,830 °F), though it may be as low as 600 °C (1,112 °F) in historic and archaeological examples. During this process, the iron oxides in the body reacts with oxygen, often resulting in the reddish colour known as terracotta . However, color can vary widely, including shades of yellow, orange, buff, red, pink, grey or brown. A final method

1602-479: Is seasonal, reaching its peak during the harvest festival, when new pottery and votive idols are required. During the rest of the year, the makers rely on agriculture or some other means of income. The designs are often redundant as crafters apply similar reliefs and techniques for different subjects. Customers suggest subjects and uses for each piece. To sustain the legacy, the Indian Government has established

1691-614: Is to carve fired bricks or other terracotta shapes. This technique is less common, but examples can be found in the architecture of Bengal on Hindu temples and mosques. Terracotta is not watertight , but its porousness decreases when the body is surface-burnished before firing. Glazes can used to decrease permeability and hence increase watertightness. Unglazed terracotta is suitable for use below ground to carry pressurized water (an archaic use), for garden pots and irrigation or building decoration in many environments, and for oil containers, oil lamps, or ovens. Most other uses require

1780-527: The American Bureau of Shipping , a maritime concern (1977–86), and later J.J. Kenny, and Standard & Poor's , the latter of which renamed the building for itself. American Express extended its reach nationwide by arranging affiliations with other express companies (including Wells Fargo – the replacement for the two former companies that merged to form American Express), railroads, and steamship companies. In 1857, American Express started its expansion in

1869-536: The American Railway Express Agency formed in July 1918. The new entity took custody of all the pooled equipment and property of existing express companies (the largest share of which, 40%, came from American Express, who had owned the rights to the express business over 71,280 miles (114,710 km) of railroad lines, and had 10,000 offices, with over 30,000 employees). American Express executives discussed

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1958-639: The Aphrodite Heyl ; the Romans too made great numbers of small figurines, which were often used in a religious context as cult statues or temple decorations. Etruscan art often used terracotta in preference to stone even for larger statues, such as the near life-size Apollo of Veii and the Sarcophagus of the Spouses . Campana reliefs are Ancient Roman terracotta reliefs , originally mostly used to make friezes for

2047-532: The Federal Reserve 's credit facilities. Terracotta Usage and definitions of the term vary, such as: Glazed architectural terracotta and its unglazed version as exterior surfaces for buildings were used in East Asia for centuries before becoming popular in the West in the 19th century. Architectural terracotta can also refer to decorated ceramic elements such as antefixes and revetments , which had

2136-552: The Gupta period and the centuries immediately following it. Several vigorous local popular traditions of terracotta folk sculpture remain active today, such as the Bankura horses . Precolonial West African sculpture also made extensive use of terracotta. The regions most recognized for producing terracotta art in that part of the world include the Nok culture of central and north-central Nigeria ,

2225-537: The Han dynasty were often finished on the interior wall with bricks decorated on one face; the techniques included molded reliefs. Later tombs contained many figures of protective spirits and animals and servants for the afterlife, including the famous horses of the Tang dynasty ; as an arbitrary matter of terminology these tend not to be referred to as terracottas. European medieval art made little use of terracotta sculpture, until

2314-511: The Ife - Benin cultural axis in western and southern Nigeria (also noted for its exceptionally naturalistic sculpture), and the Igbo culture area of eastern Nigeria, which excelled in terracotta pottery. These related, but separate, traditions also gave birth to elaborate schools of bronze and brass sculpture in the area. Chinese sculpture made great use of terracotta, with and without glazing and color, from

2403-664: The Tribeca section of Manhattan. For years it enjoyed a virtual monopoly on the movement of express shipments (goods, securities, currency, etc.) throughout New York State. In 1874, American Express moved its headquarters to 65 Broadway in what was becoming the Financial District of Manhattan, a location it was to retain through two buildings. In 1854, the American Express Co. purchased a lot on Vesey Street in New York City as

2492-620: The Troubled Asset Relief Program . At that time, American Express had total consolidated assets of about $ 127 billion. In June 2009, $ 3.39 billion in TARP funds were repaid plus $ 74.4 million in dividend payments. In July 2009, the company ended its obligations under TARP by buying back $ 340 million in Treasury warrants. As part of the conversion, the company reduced or closed many business lines of credit. In 2009, American Express introduced

2581-477: The $ 226 million credit card portfolio of Bank of Hawaii , then a division of Pacific Century Financial Corporation In January 2006, American Express sold its Bank of Hawaii card portfolio to Bank of America ( MBNA ). Until 2004, Visa and Mastercard rules prohibited issuers of their cards from issuing American Express cards in the United States. This meant, as a practical matter, that U.S. banks could not issue American Express cards. These rules were struck down as

2670-781: The 1980s, began accepting cards using the Visa and Mastercard payment networks. In 2011, Amex launched the Blue Cash Preferred Card credit card. In October 2012, The Consumer Financial Protection Bureau (CFPB) required three American Express subsidiaries to refund an estimated $ 85 million to approximately 250,000 customers for illegal card practices between 2003 and 2012. Allegations included that American Express made misleading statements regarding signup bonuses, charged unlawful late fees, discriminated against applicants due to age, and failed to report consumer complaints to regulators. Also in October 2012, American Express and Walmart announced

2759-400: The 19th century, the possibilities of terracotta decoration for buildings were again appreciated by architects, often using thicker pieces of terracotta and styled surfaces. The American architect Louis Sullivan is well known for his elaborate glazed terracotta ornamentation, designs that would have been impossible to execute in any other medium. Terracotta and tile were used extensively in

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2848-516: The 2nd U.S. Circuit Court of Appeals affirmed a lower court ruling that American Express could block merchants that accept its cards from steering customers to other cards, like those offered by Visa and Mastercard. In June 2018, the Supreme Court of the United States affirmed the 2nd Circuit's ruling. In 2018, the Gold Card was converted to a credit card for UK residents, but remains a charge card in

2937-551: The American Express Travelers Cheque Card, a stored-value card that serves the same purposes as a traveler's cheque, but can be used in stores like a credit card. Amex discontinued the card in October 2007. On September 30, 2005, American Express completed the corporate spin-off of its American Express Financial Advisors unit, Ameriprise Financial , to its shareholders and RSM McGladrey acquired American Express Tax & Business Services (TBS). In 2006,

3026-608: The American Express network. American Express was, at the time, known for cutting its interchange fee to merchants and restaurants if they accepted only American Express and no other credit or charge cards. This prompted competitors such as Visa and Mastercard to file complaints as the tactics gave Amex exclusivity at restaurants. Capitalizing on this elitist image, American Express frequently mentioned such exclusive partnerships in its advertising. Aside from some holdouts including Neiman Marcus , which continued exclusivity until 2011,

3115-520: The Costco card accounts was significant; in the first quarter without Costco cards, company profit dropped 10% and revenue dropped 5% compared to the previous year. On March 1, 2017, ANZ announced that it was no longer issuing American Express cards, with them phased out entirely by August 5, 2017. In October 2017, American Express established a joint venture company, LianTong ( 连通 ), in China to operate its payment card brand locally. In June 2020, it obtained

3204-454: The Fee Party's legal bills, and Discover Card was able to increase their acceptance among Boston restaurants by 375%. Kenneth Chenault , then head of Travel Related Services prior to becoming American Express CEO, cut fees to bring these restaurants back into the fold. American Express then shifted its focus from exclusivity to broadening acceptance, adding mainstream merchants like Walmart to

3293-492: The First World War, the 21-story neo-classical American Express Co. Building was constructed in 1916–17 to the design of James L. Aspinwall, of the firm of Renwick, Aspinwall & Tucker, the successor to the architectural practice of James Renwick Jr. The building consolidated the two lots of the former buildings with a single address: 65 Broadway . This building was part of the "Express Row" section of lower Broadway at

3382-564: The Green, Gold, and Platinum cards cater to frequent travelers and diners with perks tailored to these activities. In 1850, American Express was started as a freight forwarding company in Buffalo, New York . It was founded as a joint-stock corporation by the merger of the cash-in-transit companies owned by Henry Wells (Wells & Company), William G. Fargo (Livingston, Fargo & Company), and John Warren Butterfield (Wells, Butterfield & Company,

3471-547: The ICC was drawn to its strict control of the railroad express business. However, the solution did not come immediately to hand. The solution to this problem came as a coincidence to other problems during World War I. During the winter of 1917, the United States suffered a severe coal shortage and on December 26 President Woodrow Wilson commandeered the railroads on behalf of the United States government to move federal troops, their supplies, and coal. Treasury Secretary William Gibbs McAdoo

3560-529: The Roman Emperors adorning Hampton Court Palace , by Giovanni da Maiano , 1521, were another example of Italian work in England. They were originally painted but this has now been lost from weathering. In the 18th-century unglazed terracotta, which had long been used for preliminary clay models or maquettes that were then fired, became fashionable as a material for small sculptures including portrait busts. It

3649-449: The Romans and is seen nowhere else in the country. Contemporary centres for terracotta figurines include West Bengal , Bihar , Jharkhand , Rajasthan and Tamil Nadu . In Bishnupur , West Bengal, the terracotta pattern–panels on the temples are known for their intricate details. The Bankura Horse is also very famous and belongs to the Bengal school of terracotta. Madhya Pradesh is one of

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3738-452: The Shearson family, creating Shearson Lehman/American Express. Lehman CEO and former trader Lewis Glucksman became CEO of Shearson Lehman/American Express. In 1984, Shearson/American Express acquired Investors Diversified Services (IDS), bringing with it a fleet of financial advisors and investment products. In 1988, Shearson Lehman acquired the E.F. Hutton & Co. , a brokerage firm that

3827-861: The UK division of American Express joined the Product Red coalition and issued a Red Card, donating with each purchase through The Global Fund to Fight AIDS, Tuberculosis and Malaria to help African women and children with HIV/AIDS, malaria, and other diseases. In late 2007, the company announced the Plum Card for small business owners. In March 2008, American Express acquired the Corporate Payment Services business of General Electric , which primarily focused on providing purchasing card solutions for large global clients, for $ 1.1 billion in cash. The transaction added V-Payment to its product portfolio. V-Payment enables

3916-520: The US. Bank holding company A bank holding company is a company that controls one or more banks , but does not necessarily engage in banking itself. The compound bancorp ( banc / bank + corp[oration] ) or bancorporation is often used to refer to these companies as well. In the United States, a bank holding company , as provided by the Bank Holding Company Act of 1956 ( 12 U.S.C.   § 1841 et seq. ),

4005-633: The United States, and in 2015 in Canada, Costco ended its relationship with Amex that had provided co-branded Costco membership cards since 2004. The cards issued by Costco in the United States were an extension of an exclusive deal between Costco and American Express dating from 1999. Costco was the last major US merchant that accepted American Express cards exclusively. Costco's Canadian stores ended its exclusive deal with American Express in January 2015, in favor of one with Capital One and Mastercard. Citigroup became

4094-615: The ZYNC charge card, a white card targeting young adults. The card was later discontinued. In November 2010, the UK division of American Express was cautioned by the Office of Fair Trading for the use of controversial charging orders against those in debt. The company was one of four companies who were allegedly encouraging customers to turn their unsecured credit card debts into a form of secured debt. In November 2011, Neiman Marcus , which gave general-purpose card exclusivity to American Express since

4183-563: The area of financial services by launching a money order business to compete with the United States Post Office 's money orders. Sometime between 1888 and 1890, J. C. Fargo took a trip to Europe and returned frustrated and infuriated. Despite the fact that he was president of American Express and that he carried with him traditional letters of credit , he found it difficult to obtain cash anywhere except in major cities. Fargo went to Marcellus Flemming Berry and asked him to create

4272-402: The baking time, the colour differed from red to light orange. The Satavahanas used two different moulds- one for the front and the other for the back and kept a piece of clay in each mould and joined them together, making some artefacts hollow from within. Some Satavahana terracotta artefacts also seem to have a thin strip of clay joining the two moulds. This technique may have been imported from

4361-582: The bank. Safra then opened a competing bank. In response, American Express launched an international smear campaign against Safra by inaccurately reporting to news and media outlets in that Safra was being investigated by the FBI for being involved in the Iran–Contra affair , along with drug trafficking and the mafia. All of the accusations were confirmed to be false and led to the resignation of Harry L. Freeman, public relations chief of American Express, after admitting to

4450-477: The beginning of World War I. They were to deliver letters, money, and relief parcels to British prisoners of war. Their employees went into camps to cash drafts for both British and French prisoners and arranged for them to receive money from home. By the end of the war they were delivering 150 tonnes of parcels per day to prisoners in six countries. In 1915, American Express established a travel division and soon established its first travel agency . Albert K. Dawson

4539-557: The budding Financial District and into rented offices in two five-story brownstone commercial buildings at 63 and 65 Broadway that were owned by the Harmony family. In 1880, American Express built a new warehouse behind the Broadway Building at 46 Trinity Place. The designer is unknown, but it has a façade of brick arches that are reminiscent of pre-skyscraper New York. American Express has long been out of this building, but it still bears

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4628-435: The company. In 1979, American Express acquired 50% of the cable subsidiary of Warner Communications , forming Warner-Amex Satellite Entertainment , for $ 175 million in cash and short-term notes. It owned two-thirds of MTV , Nickelodeon , and The Movie Channel . The venture was unprofitable, and, in 1985, Amex sold its 50% interest to Viacom for $ 450 million. In the 1980s, American Express embarked on an effort to become

4717-500: The customer loans and American Express processed the transactions. American Express dismissed Bank of America from its antitrust litigation against Visa, Mastercard, and other banks. The first card from the partnership, the Bank of America Rewards American Express card, was released on June 30, 2006. In June 2005, American Express introduced ExpressPay, a contactless payment system based on wireless RFID . In July 2005, American Express issued

4806-462: The end of the Wells-Fargo reign in 1914, an aggressive new president, George Chadbourne Taylor (1868–1923), who had worked his way up through the company over the previous thirty years, decided to build a new headquarters. The old buildings, dubbed by The New York Times as "among the ancient landmarks" of lower Broadway, were inadequate for such a rapidly expanding concern. After some delays due to

4895-474: The entire scandal. In July 1989, American Express publicly apologized to Edmond Safra and donated $ 8 million to the charity of his choice. In 1990, American Express sold its Swiss banking operations to Compagnie de Banque et d'Investissements, which led to the creation of Union Bancaire Privée (UBP). In 1984, Amex launched the Platinum Card, billed as an "ultra-exclusive" credit card with a $ 250 annual fee. It

4984-533: The exclusive issuer of Costco's credit cards and Visa replaced American Express as the exclusive credit card accepted at Costco's stores in the United States. All TrueEarnings card accounts and balances held by American Express were sold to Citigroup, and new Costco Anywhere Visa cards were sent to Costco members prior to the switch date. The Costco partnership represented 8%, or $ 80 billion, of American Express' billed business and about 20%, or about $ 14 billion, of its interest-bearing credit portfolio. The impact of losing

5073-463: The fingers, allows the artist to take a more free and flexible approach. Small details that might be impractical to carve in stone, of hair or costume for example, can easily be accomplished in terracotta, and drapery can sometimes be made up of thin sheets of clay that make it much easier to achieve a realistic effect. Reusable mold-making techniques may be used for production of many identical pieces. Compared to marble sculpture and other stonework,

5162-418: The finished product is far lighter and may be further painted and glazed to produce objects with color or durable simulations of metal patina. Robust durable works for outdoor use require greater thickness and so will be heavier, with more care needed in the drying of the unfinished piece to prevent cracking as the material shrinks. Structural considerations are similar to those required for stone sculpture; there

5251-586: The great majority of Olmec figurines were in terracotta. Many ushabti mortuary statuettes were also made of terracotta in Ancient Egypt . The Ancient Greeks ' Tanagra figurines were mass-produced mold-cast and fired terracotta figurines, that seem to have been widely affordable in the Hellenistic period , and often purely decorative in function. They were part of a wide range of Greek terracotta figurines , which included larger and higher-quality works such as

5340-491: The high-fee Centurion Card , often referred to as the "black card," which caters to an even more affluent customer segment. The card was initially available only to select users of the Platinum card. American Express created the card line amid rumors and urban legends in the 1980s that it produced an ultra-exclusive black card for elite users who could purchase anything with it. In December 2000, American Express agreed to acquire

5429-576: The late 14th century, when it became used in advanced International Gothic workshops in parts of Germany. The Virgin illustrated at the start of the article from Bohemia is the unique example known from there. A few decades later, there was a revival in the Italian Renaissance , inspired by excavated classical terracottas as well as the German examples, which gradually spread to the rest of Europe. In Florence , Luca della Robbia (1399/1400–1482)

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5518-584: The launch of Bluebird, a prepaid debit card with roadside assistance and identity theft protection that can also be used as a substitute for a traditional transactional account whereby users can have payments deposited to the account and have insurance from the Federal Deposit Insurance Corporation . In October 2013, Amex sold most of its publications: Travel + Leisure , Food & Wine , Executive Travel , Black Ink , and Departures magazines, to Time Inc. Time restructured

5607-413: The material to be glazed, such as tableware, sanitary piping, or building decorations built for freezing environments. Terracotta will also ring if lightly struck, as long as it is not cracked. Painted ( polychrome ) terracotta is typically first covered with a thin coat of gesso , then painted. It is widely used, but only suitable for indoor positions and much less durable than fired colors in or under

5696-506: The most famous is The Abduction of Hippodameia depicting the Greek mythological scene of a centaur kidnapping Hippodameia on her wedding day. Terracotta tiles have a long history in many parts of the world. Many ancient and traditional roofing styles included more elaborate sculptural elements than the plain roof tiles , such as Chinese Imperial roof decoration and the antefix of western classical architecture . In India West Bengal made

5785-584: The most prominent production centres of terracotta art today. The tribes of the Bastar have a rich tradition. They make intricate designs and statues of animals and birds. Hand-painted clay and terracotta products are produced in Gujarat . The Aiyanar cult in Tamil Nadu is associated with life-size terracotta statues. Traditional terracotta sculptures, mainly religious, also continue to be made. The demand for this craft

5874-451: The official launch date. The card was launched with an annual fee of $ 6, $ 1 higher than Diners Club, to be seen as a premium product. The first cards were made of paper, with the account number and card member's name typed. In 1959, American Express became the first company to issue embossed plastic cards. In 1966, American Express introduced the Gold Card for "big-spending members". In 1977, James D. Robinson III became chairman and CEO of

5963-508: The operations of such companies. This authority applies even though a bank owned by a holding company may be under the primary supervision of the Office of the Comptroller of the Currency or the Federal Deposit Insurance Corporation . Becoming a bank holding company makes it easier for the firm to raise capital than as a traditional bank. The holding company can assume debt of shareholders on

6052-457: The outside of buildings, as a cheaper substitute for stone. Indian sculpture made heavy use of terracotta from as early as the Indus Valley civilization (with stone and metal sculpture being rather rare), and in more sophisticated areas had largely abandoned modeling for using molds by the 1st century BCE. This allows relatively large figures, nearly up to life-size, to be made, especially in

6141-468: The possibility of launching a travel charge card as early as 1946, but it was not until Diners Club launched a card in March 1950, that American Express began to seriously consider the possibility. At the end of 1957, under American Express CEO Ralph Reed the company entered the business and by the launch date of October 1, 1958, public interest had become so significant that 250,000 cards were issued prior to

6230-455: The practice largely ended in 1991. In April 1992, American Express spun off First Data in an initial public offering . In 1993, Harvey Golub became CEO of American Express. That year, American Express negotiated the sale of Shearson's retail brokerage and investment management business to Primerica . The Shearson business was merged with Primerica's Smith Barney to create Smith Barney Shearson . In June 1994, American Express completed

6319-415: The publications, which are now owned by Dotdash Meredith . In 2013, the company opened its first airport lounge, offering access to certain cardmembers. In March 2014, American Express announced the corporate spin-off its corporate travel business as American Express Global Business Travel and the sale of 50% of the business to an investor group led by Certares LP for $ 900 million. Effective in 2016 in

6408-424: The reputation of the material. By about 1930, the widespread use of concrete and Modernist architecture largely ended the use of terracotta in architecture. As compared to bronze sculpture , terracotta uses a far simpler and quicker process for creating the finished work with much lower material costs. The easier task of modelling, typically with a limited range of knives and wooden shaping tools, but mainly using

6497-550: The shareholder number was 300), at which point the bank holding company is forced to register with the Securities and Exchange Commission . There are also added expenses of operating with an extra layer of administration. As a result of the 2007–2008 financial crisis , many traditional investment banks and finance corporations such as Goldman Sachs , Morgan Stanley , American Express , CIT Group and GMAC (now Ally Financial ) converted to bank holding companies to gain access to

6586-482: The site for its stables. The company's first New York headquarters was an 1858 marble Italianate palazzo at 55–61 Hudson Street , which had a busy freight depot on the ground story with a spur line from the Hudson River Railroad . A stable was constructed in 1867, five blocks north at 4–8 Hubert Street. The company prospered sufficiently that headquarters were moved in 1874 from the wholesale shipping district to

6675-486: The spin-off of the remaining investment banking and institutional businesses as Lehman Brothers , ending its foray into the brokerage business. In September 1994, the Optima True Grace card was introduced. The card was unique in that it offered a grace period on all purchases whether a balance was carried on the card or not, not charging interest on new purchases immediately for cards with unpaid balances. The card

6764-559: The structure together. Terracotta has been a medium for art since the Harappan civilization, although techniques used differed in each time period. In the Mauryan times, they were mainly figures of mother goddesses, indicating a fertility cult. Moulds were used for the face, whereas the body was hand-modelled. In the Shungan times, a single mould was used to make the entire figure and depending upon

6853-402: The successor earlier in 1850 of Butterfield, Wasson & Company). Wells and Fargo also started Wells Fargo & Co. in 1852 when Butterfield and other directors objected to the proposal that American Express extend its operations to California. American Express initially established its headquarters in a building at the intersection of Jay Street and Hudson Street in what was later called

6942-555: The time of its acquisition, Shearson Loeb Rhoades was the second-largest brokerage firm , behind Merrill Lynch . After the purchase of Shearson, Weill was given the position of president of American Express in 1983. Weill grew increasingly unhappy with responsibilities within the company and his conflicts with CEO James D. Robinson III . Weill soon realized that he was not positioned to be named CEO and resigned in August 1985. In 1984, American Express acquired Lehman Brothers and added it to

7031-429: The time. The building completed the continuous masonry wall of its block-front and assisted in transforming Broadway into the "canyon" of neo-classical masonry office towers familiar to this day. American Express sold this building in 1975, but retained travel services there. The building was also the headquarters over the years of other prominent firms, including investment bankers J.& W. Seligman & Co . (1940–74),

7120-427: The town buildings of Victorian Birmingham , England. Terracotta was marketed as a miracle material, largely impervious to the elements. Terracotta, however, can be damaged by water penetration, exposure, or failure through faulty design or installation. An excessive faith in the durability of the material led to shortcuts in design and execution, coupled with a belief that the material did not require maintenance, tainted

7209-518: The use of Visa and Mastercard. The rationale was due to far lower fees as compared to American Express' fees at the time (which were about 4% for each transaction versus around 1.2% for Visa and Mastercard). The revolt, known as the "Boston Fee Party" (alluding to the Boston Tea Party ), spread to over 250 restaurants across the United States, including restaurants in other cities such as New York City , Chicago , and Los Angeles . Visa offered to pay

7298-480: Was a sculptor who founded a family dynasty specializing in glazed and painted terracotta, especially large roundels which were used to decorate the exterior of churches and other buildings. These used the same techniques as contemporary maiolica and other tin-glazed pottery . Other sculptors included Pietro Torrigiano (1472–1528), who produced statues, and in England busts of the Tudor royal family. The unglazed busts of

7387-399: Was assigned the task of consolidating the railway lines for the war effort. All contracts between express companies and railroads were nullified and McAdoo proposed that all existing express companies be consolidated into a single company to serve the country's needs. This ended American Express's express business and removed them from the ICC's interest. The result was that a new company called

7476-499: Was discontinued a few years later. In 1998, Amex launched the Blue credit card, targeted at young adults, in the UK after testing it in other countries. The card had a smart chip and users were encouraged to pay bills and get information via the company website. It launched in the US in 1999. A television media campaign for Blue adopted the 1979 UK Synthpop hit " Cars " by Gary Numan as its theme music. In 1999, American Express introduced

7565-532: Was instrumental in expanding business operations overseas, even investing in tourist relations with the Soviet Union . During World War I, Dawson was a photographer and film correspondent with the German army. American Express was one of the monopolies that President Theodore Roosevelt had the Interstate Commerce Commission (ICC) investigate during his administration (1901–1909). The interest of

7654-510: Was introduced in 1975 and renewed in 2005. In the 1980s, Amex acquired and then divested a stake in Shearson . In the 1990s, it stopped reducing interchange fees for merchants who exclusively accepted Amex cards and expanded market share through targeted marketing campaigns. Amex converted to a bank holding company during the 2007–2008 financial crisis . Amex began operating airport lounges in 2013, offering access to certain cardholders. Amex had

7743-473: Was merged with the investment banking business. The investment banking arm was renamed Shearson Lehman Hutton, Inc. In 1983, as part of Robinson's plan to expand into international banking of wealthy clients, Amex acquired Trade Development Bank of Geneva from Edmond Safra for US$ 550 million and Safra became a member of the board of directors of Amex. TDB executives were excluded from important company decisions and Safra unsuccessfully tried to repurchase

7832-590: Was much easier to work than carved materials, and allowed a more spontaneous approach by the artist. Claude Michel (1738–1814), known as Clodion , was an influential pioneer in France . John Michael Rysbrack (1694–1770), a Flemish portrait sculptor working in England, sold his terracotta modelli for larger works in stone, and produced busts only in terracotta. In the next century the French sculptor Albert-Ernest Carrier-Belleuse made many terracotta pieces, but possibly

7921-551: Was offered by invitation only to American Express customers with at least two years of tenure, significant spending, and excellent payment history. In 1987, American Express introduced the Optima card, its first credit card product that did not have to be paid in full at the end of the month. In 1991, a group of restaurants in Boston , including some that were exclusive to Amex, stopped accepting American Express while accepting and encouraging

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