How did the global financial crisis affect American Express?

The 2007–08 financial crisis reduced American Express cardholder spending while increasing delinquencies and credit losses. Turmoil in the credit markets also raised the company’s borrowing costs and disrupted important funding sources. In November 2008, American Express became a bank holding company, placing it under Federal Reserve supervision and broadening its funding options. It later received $3.4 billion through the Troubled Asset Relief Program and repaid that money in 2009.