American Express Company announced on November 7, 2024, that it became a Category III bank holding company in the third quarter of 2024. This designation resulted from its total consolidated assets exceeding $250 billion, calculated based on a daily average for the four quarters ended June 30, 2024.
As a Category III bank holding company, American Express is now subject to heightened capital, liquidity, and prudential requirements. These regulations are part of the Basel III capital rules implemented by U.S. federal banking regulators.
The company's Chief Financial Officer, Christophe Le Caillec, later stated that the results of the stress test reaffirmed American Express's strong capital position and the earnings power of its resilient business model. This status reflects the company's significant growth and its adherence to robust financial standards.
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