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AXP goes for brokerage
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October 5, 1999: 9:22 a.m. ET
American Express to launch online trading site this fall
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MINNEAPOLIS (CNNfn) - American Express Co. said Tuesday it plans to launch American Express Brokerage, a new online research and trading arm.
The company, better known for its popular travel and entertainment line of credit cards and services, said the site will be available this fall.
For investors with a minimum account balance of $25,000 online equity buys will be free, with sells at $14.95. For account balances over $100,000, both online equity buys and sells will be free.
Investors with an account balance of less than $25,000 will pay a flat rate of $14.95 to place a buy or sell trade. Bond and option trading also will be available.
"American Express Brokerage lets our customers invest when, where and how they want," said Doug Lennick, executive vice president of the Advice and Retail Distribution Group, said. "Clients can 'do-it-themselves' with the help of our interactive tools and proprietary research, or they can use American Express Brokerage with the help of an experienced, professional American Express financial advisor."
American Express Brokerage also will offer 2,000 mutual funds online from more than 260 fund families. 
-- from staff and wire reports
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