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American Express Now a Commercial Bank

Nov 11th, 2008 | By Mike Caggeso | Category: Financial News

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.

Tags: American Express Co, AXP, Credit Losses, FBR, Friedman Billings Ramsey Group, Goldman Sachs Group, Government Funds, GS, Mike Caggeso, MS, Oppenheimer Holdings Inc, OPY
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