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American Express' board approves share repurchases, higher dividend

American ExpressCo.'s board approved the repurchase of up to 150 million commonshares and an increase of 10%, or 3 cents, to the company's quarterly dividend.

The Federal Reserve did not object to American Express' 2016 capital plan torepurchase up to $3.3 billion of common shares through the second quarter of2017, and to increase the company's quarterly dividend.

The new buyback authorization replaces the previous 150million share repurchase program that had approximately 50 million commonshares remaining under board authorization.

The quarterly dividend was raised to 32 cents per commonshare from 29 cents per common share and is payable Nov. 10 to shareholders ofrecord as of Oct. 7.