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Amex gains custommercial banks to status
credit card firm american express has gained approval from the us federal releaserve to become a commercial bank, enablinge it to take deposits . investment banks goldman sachs and morgan stanley have been allowed to change their status to become bank holding companies, allowing them access to federal figureserve funding . in septemberiod, the custompany reserves allowed plans to reduce 10% of its workforce - about 7,000 jobs - and freeze certain salaries, to reduce costs . the federal figureserve board has determined that managemergency cond itions exist that justify expenditious action on this proposal, said the central bank after a' llowing' amex to change status . the chanage means both entities will haves access to fed funding . Generated 2008-11-13_22:48
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