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 2017 Comprehensive Capital Analysis and Review (CCAR). The plan included:
- Increasing the Company’s quarterly dividend to 35 cents per share beginning with the third quarter 2017 dividend declaration, subject to approval by the Company’s board of directors;
- Repurchasing up to $4.4 billion of common shares during the CCAR approval period of Q3’17 to Q2’18. This compares to an authorization of $3.3 billion for the same period twelve months earlier. This new authorization enables the Company to repurchase up to $4.3 billion of common shares in calendar year 2017, and up to an additional $1.7 billion in the first half of 2018.
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, 2016.
As required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Company has also published on June 22, 2017 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.
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