American Express Co. is asking for $3.5 billion in taxpayer-funded capital from the federal government under the Troubled Asset Relief Program, The Wall Street Journal reported today.
It is uncertain whether New York-based AmEx made the request before winning approval to morph into a bank holding company Monday, according to the Journal.
Amex has two bank units, Centurion Bank and American Express Bank.
American Express Bank was already regulated by the Office of Thrift Supervision and thus might have been qualified to receive TARP money before the Fed’s decision. (InvestmentNews, Nov. 11)
Fifty-two financial institutions have received approval for financial support from TARP to date, and 23 others have submitted applications, according to the report.
The deadline for applications is Nov. 14.
AmEx did not immediately return a call for comment.
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