After acing the U.S. Government’s stress tests, American Express (AMEX) gave investors more good news yesterday – while many of its rivals scramble to raise fresh capital, AMEX became the first major financial institution to make a formal request to repay US$ 3.4B in TARP (Troubled Asset Relief Program) funds.
Though AMEX is not sure when its request will be approved, the company’s Chief Financial Officer said “it will take whatever action [it] needs to take” to return taxpayers money. AMEX shares gained 9.36%, closing at US$28.40 yesterday.
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