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JPMorgan, Amex sell stock

JPMORGAN Chase and American Express yesterday announced plans to sell $5.5bn (&pound;3.34bn) of stock, to position themselves to quickly repay funds from the government&rsquo;s bank bailout plan.<br /><br />JPMorgan will sell $5bn of stock and American Express will sell $500m. JPMorgan&rsquo;s offering, which is led by chief executive Jamie Dimon, will be priced by this morning.<br /><br />Both New York-based companies were among the 19 US lenders to recently undergo the government &ldquo;stress tests&rdquo; of their ability to weather a deep recession, and were among the nine that regulators said did not need more capital.<br /><br />The US Federal Reserve said yesterday the government will announce next week which of the 19 will be allowed to repay the government. JPMorgan took $25bn from the Treasury while American Express took $3.4bn.