Implications of Global Financial Intermediation

Abstract

As a non-banker I am flattered to be here among a group of bankers. American Express Company does have a banking unit, American Express Bank Ltd, which operates substantially offshore from the USA (because of regulatory requirements). Much of the rest of American Express Company is thought of as that large ‘non-bank financial services company’, whether it be our Shearson Lehman Brothers investments and securities unit, our IDS Financial Planning unit, or the Travel Related Services Company (which operates the American Express Card, Travellers’ Cheques, Travel, Money Orders, Publishing, and data processing and telecommunications activities throughout its own subsidiary, First Data Resources).