‘If he says he can beat me, I’ll sue!’: The $9 billion friendship between the CEOs of Amex and Delta

(SeaPRwire) –   One of the most significant achievements in credit card history was sealed over an enormous steak.

This pivotal moment occurred early in the pandemic, when American Express CEO Stephen Squeri—who had unexpectedly assumed the top role in 2016 (learn more about how he got there here)—met with Delta CEO Ed Bastian in Atlanta to finalize the terms of their partnership.

“I treated Steve to a tomahawk steak at Kevin Rathbun’s restaurant,” recalls Bastian. The discussion centered on how to “end the competition for customer attention and instead expand the overall opportunity together,” according to Bastian. “We reached an agreement where we operate as one profit-and-loss unit, each receiving our respective share, and everyone walks away satisfied,” explains Squeri. By 2019, Squeri and Bastian had grown so aligned that they extended their partnership through the end of 2029. Co-branded credit card revenues have since skyrocketed. Bastian notes that Delta earned $9 billion from these cards—more than quadrupling its 2014 revenue. While American Express doesn’t disclose specific earnings from the Delta co-brand, the results suggest it’s been a game-changing success.

In fact, Squeri and Bastian have developed such a strong rapport that they now collaborate not only on business but also on personal enjoyment. They share several similarities—including both standing well over six feet tall and estimating their golf handicaps around 12, though Squeri jokes, “If he tells you he can beat me, I’ll sue!” Their close-knit families, shared Catholic education, and modest beginnings have helped forge their bond. “Ed is a guy from Poughkeepsie who attended St. Bonaventure University. I’m a guy from Astoria who went to Manhattan University,” says Squeri. “He grew up in a family of nine children; I was one of four. Ed once packed all his clothes into a pillowcase and drove to Florida for spring break in a station wagon. I told him, ‘At least you got to go to Florida—we just had to head upstate!’” Bastian describes Squeri: “We think very similarly because of where we both started, and part of that comes from a leadership style that isn’t hierarchical—where people feel comfortable coming to you and speaking honestly.”

That insight reveals something important: despite his affable demeanor, Bastian is a former accountant known for his meticulous approach to numbers. Squeri, while far less visible publicly, exhibits the same blend of engaging personality and intense statistical discipline within Amex.