American Express asking for US$3.5 bln in government aid, WSJ reports

American Express Co, which is being hammered by a slowdown in consumer spending and rising bad debts, has asked for US$3.5 billion in taxpayer funded capital from the US Federal Government, the Wall St Journal has reported. This comes days after Amex was given emergency access to US Federal Reserve funding lines by being given a banking license. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.