MindShare has held the account since the agency was created in 1998 out of the merger of the media operations of Ogilvy & Mather and J Walter Thompson. The account had previously been with O&M's media department since the 1960s.
A spokesman for the financial services giant in the US told the Wall Street Journal that the review is being held to "ensure that we stay at the forefront of changes in the global media landscape and that we have the best resources to work on our business".
The review is not expected to affect the UK account, which has been held by Carat since 1992. Creative in the UK is held by O&M.
The UK agencies' most current work is its "Long live dreams" campaign, which promotes the use of the credit card to make dreams come true.
American Express UK head of advertising Katherine Whitton refused to comment on the news.
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