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American Express board authorizes repurchase of up to 150M shares

The board of directors of American Express approved the repurchase of up to 150M common shares, from time to time, in accordance with the company’s capital distribution plans submitted to the Federal Reserve and subject to market conditions. This authorization replaces the prior 150M share repurchase program that had approximately 70M shares of common stock remaining under board authorization. Separately, the board of directors declared a regular quarterly dividend of 20c per common share, payable on May 10 to shareholders of record on April 5. As previously announced on March 14, the company was informed that the Federal Reserve did not object to the company’s 2013 capital plan to repurchase up to $3.2B of common shares during the last three quarters of 2013 and up to an additional $1B in the first quarter of 2014, as well as to increase the company’s quarterly dividend to 23c per share beginning with the second quarter 2013 dividend declaration. The company also previously announced that it expects to repurchase approximately $800M of common shares during the first quarter of 2013 under the company’s 2012 capital plan.