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Non-Tech : American Express (AXP)

AXP 362.31

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9:30 AM EST

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From: JakeStraw	11/11/2008 9:55:32 AM
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AmEx approved to become bank holding company biz.yahoo.com In a statement, AmEx said becoming a bank holding company will give it "maximum flexibility and stability in this challenging economic environment." In exchange for Fed oversight, AmEx said it wants "greater access" to government-sponsored financial assistance programs. The company revealed severe financial troubles late last month, when it laid off about 7,000 people, or 10 percent of its global work force, and said it did not expect to meet its targets until the economic climate improved. The transformation of AmEx into a commercial bank opens it up to "an infusion of funds," said Red Gillen, a credit card analyst with research and consulting firm Celent LLC.

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