American Express Company (NYSE: AXP) said today that the Board of
Governors of the Federal Reserve System did not object to its adjusted
capital plan submitted as part of the 2018 Comprehensive Capital
Analysis and Review (CCAR). The plan included:
-
Increasing the Company’s quarterly dividend to 39 cents per share
beginning with the third quarter 2018 dividend declaration, subject to
approval by the Company’s board of directors;
-
Repurchasing up to $3.4 billion of common shares during the CCAR
approval period of Q3’18 to Q2’19. This new authorization enables the
Company to repurchase up to $1.6 billion of common shares in calendar
year 2018, and up to an additional $1.9 billion in the first half of
2019.
The plan supports the Company’s objectives to restore capital to target
levels while supporting asset growth and distributing capital to
shareholders. As previously announced, the Company plans to resume share
repurchases in the second half of the year.
The timing and amount of common shares purchased under the Company’s
authorized capital plans will depend on various factors, including the
Company’s business plans, financial performance and market conditions.
Repurchase of common shares will be pursuant to the share repurchase
program previously authorized by the Company’s board of directors on
September 26, 2017.
As required under the Dodd-Frank Wall Street Reform and Consumer
Protection Act, the Company has also published on June 21, 2018 a
summary of the results of the Company-run stress tests performed under
the Federal Reserve’s severely adverse scenario. These disclosures do
not reflect the capital plan described above, but reflect certain
assumptions and capital actions as required under the Federal Reserve’s
rules.
The results are available on the Company’s Investor Relations site at ir.americanexpress.com.
About American Express
American Express is a global services company, providing customers with
access to products, insights and experiences that enrich lives and build
business success. Learn more at americanexpress.com
and connect with us on facebook.com/americanexpress,
instagram.com/americanexpress,
linkedin.com/company/american-express,
twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: charge
and credit cards, business
credit cards, travel
services, gift
cards, prepaid
cards, merchant
services, Accertify,
InAuth,
corporate
card, business
travel, and corporate
responsibility.
This release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements
are based on the Company’s expected business and financial performance
and are subject to risks and uncertainties. Actual results may differ
from those set forth in the forward-looking statements due to a variety
of factors, including those contained in the Company's Annual Report on
Form 10-K for the year ended December 31, 2017, the Company’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2018 and the
Company’s other filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which
they are made. The Company undertakes no obligation to update or revise
any forward-looking statements.
Media Contact:
Marina H. Norville, marina.h.norville@aexp.com, +1.212.640.2832
or
Investors/Analysts Contacts :
Edmund Reese, edmund.reese@aexp.com, +1.212.640.5574
Shreya Patel, shreya.patel@aexp.com, +1.212.640.5574