Currently, most Americans use credit cards to pay for their purchases and the services they need. These cards may be issued by their banks or by companies like American Express, which has been in business for over thirty years.
American Express has been going through some tough times. They are facing competition from various banks as well as payment companies like PayPal. Additionally, the company has lost some major clients including Costco Wholesale Corporation as well as individuals like Mr. Chris Burch. These, coupled with the recent financial crisis, have left the future of revenue generation at the company looking uncertain.
Recently, they have also decided to venture into the issuing of loans to their clients, something which the outgoing CEO Mr. Chennault was against until early 2015. With the addition of lending as one of their services, AmEx was able to improve its earnings. However, its losses also went up to 53%. The incoming CEO, Mr. Stephen Squeri, is proposing to make a few changes which will enable the firm to keep up with the current spending trends. These changes will also be geared towards attracting the millennials (people born between the late 1980’s and 2000) while also retaining their wealthy clients.
Mr. Chris Burch, who after 38 years switched most of his spending from his AmEx card to a J.P. Morgan Chase & Co.’s Sapphire Reserve card, said he was disappointed with the services he had been receiving recently. One of his complaints was that the concierge services offered by the company could not get him the reservations he wanted. For his new and follow on investment, check on prnewswire.com.
Mr. Burch is described as a serial entrepreneur, who has invested in hospitality, technology, real estate, fashion and the retail market, and was named one of the wealthiest people by Forbes in 2014. Besides, according to bjtonline.com, he has a diverse investment portfolio and has invested in various companies to help them grow. These ventures include; Voss water, Poppin, and Jawbone among others. For contact details, check this link on burchcreativecapital.com.
He is also a philanthropist, offering contributions to various charities and organizations like The Sumba Foundations, The China Association of Social Work and the Henry Street Settlement among others. Additional article here.
Take a tour to his awesome resort investment in Indonesia, visit http://www.businessinsider.com/chris-burch-nihi-best-hotel-in-the-world-2017-7