Word: gerstner
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Dates: during 1970-1979
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Outwardly, American Express shows no sign of concern about the increased competition ahead. Louis Gerstner, head of the company's card division, says he is "respectful" of some of his rivals, especially Diner's Club, but is skeptical about the bank cards that want to add traveler's checks. The business, he says, "may look simple, but it is very, very complex, requiring significant economies of scale and control that take years to develop." Yet many industry analysts believe American Express is facing some tough problems: while there is less and less room for it to grow...