American Express Hires Vice President, Capital Markets

Business Wire, March 10, 2003

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--March 10, 2003

American Express Financial Advisors Inc. (AEFA), a unit of American Express Company (NYSE:AXP), today announced the hiring of David Joy as vice president - Capital Markets, a new position within the Investment Department.

Joy will facilitate the development of American Express' monthly capital markets outlook and help the company's advisors and retail and institutional clients apply the perspective in their investing strategies. In this role, Joy will lead American Express' Capital Markets Committee comprised of the company's senior investment and economic leadership, which decides on the company's capital markets outlook. The outlook features short- and long-term perspectives on equity and fixed income markets, both domestic and abroad, and U.S. and international economies. Joy will report to Ted Truscott, AEFA's chief investment officer.

"David possesses a rare combination of strong investment expertise and outstanding communications ability," Truscott said. "He has a proven track record of analyzing market data and translating his findings into meaningful guidance for investors.

"Over the past 18 months, while others have been downsizing, we have been investing in our business by broadening our asset management talent base," Truscott added. "Attracting someone like David is consistent with our strategy to deliver superior resources, advice and results for our clients."

Joy comes to American Express with more than 25 years of experience in the financial services industry. Most recently, he worked for Pioneer Investments in Boston where he was senior vice president of Global Investment Communications responsible for communicating the firm's investment strategy and market outlook, providing direction on investment products, and consulting on marketing programs.

Prior to his work with Pioneer, Joy served in similar roles at Prudential Investments, Massachusetts Financial Services, and Mitchell Hutchins Asset Management, a division of PaineWebber. He began his financial services career as a credit analyst with Bank of Boston and Moody's Investors Service. He then became a fixed income portfolio manager with Bank of New England and later with MetLife - State Street Investment Services, where he managed the Municipal Bond Department and later led new product development efforts.

"American Express has been aggressively putting the pieces in place to become a top-tier asset management company, and I'm excited about helping fulfill that mission," Joy said. "Momentum at American Express is clearly on the upswing despite the challenging environment of the past three years, and that's a strong testimony to the company's commitment and focus. I'm looking forward to applying my skills and experience to continue that momentum."

American Express manages its investment operations from the American Express Financial Corporation headquarters in Minneapolis as well as satellite offices in Boston, Cambridge, New York, San Diego, London, Tokyo and Singapore. The company owns and manages approximately $200 billion in assets for individuals and institutions through more than 100 investment, insurance and savings products it manufactures and services.

American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, business services, insurance and international banking.

(a)Editor's note: David Joy will become available in April for print and broadcast interviews on American Express' market perspective on an ongoing basis. To schedule an interview with Joy, contact Kevin Olson at (612) 678-4965 or kevin.m.olson@aexp.com.