American Express Co. (AXP) today (Tuesday) won approval from the U.S. Federal Reserve to become a commercial bank, giving the credit card titan a crucial lifeline as the risk of defaults runs higher in the slowing global market.

AmEx Cuts 7,000 Jobs; Oil Down on GDP; Governors Lobby Gov. on Auto Industry; Motorola Downsizes; Kodak Results Less Than Picture Perfect; Waste Management Recession Resistant