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The credit crisis is forcing yet another financial institution to change its structure. The Federal Reserve Board announced late Monday that it has approved an application by credit card giant American Express Co. to become a bank holding company.
The
Fed said that both American Express and its affiliate American
Express Travel Related Services would be allowed to form bank holding companies, as the Amex group converts its Salt Lake City-based American Express Centurion Bank into a bank.
The Fed's order said "unusual and exigent circumstances affecting financial markets" justified an expeditious approval on the company's application. American Express is following the same road taken by Morgan Stanley and Goldman Sachs Group Inc. in September when they too became bank holding companies. New York-based American Express has total consolidated assets of about $127 billion, the Fed said. - Donna Block See press release from the Federal Reserve Categories Deal Video
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