As the profitability of its card portfolio continues to deteriorate, American Express has announced a company-wide reengineering initiative to free up additional resources that will be reinvested in the business. This, along with additional strategic measures, should ensure that the company will be in a better position to boost its profitability and remain competitive going forward.
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Commercial cards represent the fastest-growing segment of the Western European payment card market, according to a new report from independent market analyst Datamonitor. The value of transactions carried out on commercial payment cards in Western Europe reached EURO87.1 billion in 2006, and is forecast to grow to EURO180.3 billion in 2011.
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