American Express announced its approved plan as part of the 2014 Comprehensive Capital Analysis and Review (CCAR). It included increasing the Company’s quarterly dividend to 26 cents per share beginning with the second quarter 2014 dividend declaration, subject to approval by the Company’s board of directors; repurchasing up to $4.4 billion of common shares during 2014 and up to an additional $1.0 billion in the first quarter of 2015.
Repurchase of common shares will be pursuant to the share repurchase program previously authorized by the Company’s board of directors on March 25, 2013. The timing and amount of common shares purchased will be in accordance with the Company’s capital plan and will depend on various factors, including the Company’s business plans, financial performance and market conditions. The Company has been able to return substantially more than the 50 percent target over the last two years.