American Airlines is a wholly-owned subsidiary of AMR Corporation, which is in turn a subsidiary of American International Group (AIG). American Airlines has been a bank customer of AIG since the company’s inception in 1932.
AIG has been in the news recently for a number of reasons, including the company’s role in the global financial crisis of 2007-2008 and its subsequent bailout by the United States government. As a result of these events, AIG has been subject to a number of investigations and lawsuits.
Given this uncertainty, it is not surprising that American Airlines has been looking for new financial partners. In January 2017, American Airlines announced that it had signed a new five-year credit agreement with JPMorgan Chase.
The deal gives JPMorgan Chase a majority stake in American Airlines, and the company says that it will provide “financial stability and support for the growth of the airline.”.
Given the turbulence associated with AIG in recent years, it is not clear what the future holds for American Airlines as a bank customer. However, the airline has a strong relationship with JPMorgan Chase, and it seems likely that the two companies will continue to work together for the long term.
