Business News
American Express to seek 3.5 billion dollar bail-out help: report
Nov 12, 2008, 10:41 GMT
New York - Credit card company American Express is to apply for 3.5 billion dollars' in US federal emergency assistance in trying to cope with the effects of the financial market crisis, the Wall Street Journal reported Wednesday.
The paper cited unidentified sources for its report, coming at a time when more and more consumers are falling behind on their credit card accounts.
American Express Co. qualifies for support under the 700-billion- dollar Troubled Asset Relief Program (TARP) after having converted itself into a bank-holding company two days earlier, a move which other financial institutes in the US are considering.
According to media reports, American Express could qualify for up to 3.8 billion dollars in TARP support.
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