American Express extends bonuses and stock plans to all staff

28 March 2001 - 3,500 American Express employees are to share in a $5 million celebration after the business surpassed 5-year financial targets and had a record year in 2000. Canadian staff will benefit from:

- A bonus plan for all members of staff - beyond the managers and sales employees who are already on variable pay plans - that linking personal and company performance to cash payments.

- A stock-purchase plan through which the business will top up employee contributions to a savings program to buy the company's shares.

Bonus notices are being sent to customer service and clerical staff, following celebration parties across Canada recognizing employee contribution to American Express' achievements.

"Five years ago, we set out on an ambitious journey to more than double the size of our business in Canada," said Alan Stark, President and CEO of Amex. "We asked all our employees at every level to act like they were part owners of the company, and deliver the kind of productivity gains and increases in service and performance levels needed to reach our goal. Our commitment back has been to make this one of the best places to work in Canada, and part of that has been putting in place new and creative reward mechanisms to motivate our employees."

Initiatives like these have helped to put American Express into the number 20 spot on the annual list of the Top 35 Companies to work for. Other employee benefits include a health and wellness program with an on- site fitness centre and medical facilities, educational assistance and paid sabbaticals.

But the main motivation is improved business performance, says Stephen Gould, Vice President of Human Resources. "We consider any additional investments very carefully, and an investment in our people is really an integral part of our future growth strategies.

"Particularly for a company like ours that operates in the service sector, attracting, retaining and continuing to motivate a talented workforce is a critical competitive advantage," added Gould.

American Express in Canada operates as Amex Canada Inc. and Amex Bank of Canada. Amex has doubled its customer base in Canada over the past 5 years and now has more than 2.3 million Cardmembers in the country. It has also increased the number of employees by over a thousand at its Markham, Ontario operating center and other offices across Canada.

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