Continuing a recent acquisition effort, American Express Co. has agreed to buy Goldstein Golub Kessler & Co., a New York accounting firm.
Terms of the deal were not disclosed.
Monday's move is another step toward the financial giant's goal of being a national player in the lucrative management consulting field. The Goldstein purchase would be its first such entry into the New York financial arena as well as its largest incursion yet into accounting. Gerald L. Golub, the accounting firm's chairman, was named chairman of American Express' business advisory division. He is not related to American Express chief executive Harvey Golub.
According to Accounting Today, a trade newspaper, Goldstein was the 24th-largest accounting firm in the United States in 1997, with $48.8 million of revenue.
In the past 18 months, American Express has bought 20 business and accounting firms throughout the country. It will have 55 firms in 20 states once the Goldstein deal closes.