#1 AmEx to become a bank after Morgan Stanley and GSwiegenliedGuest11-11-2008, 06:07 AM
It was laying off 7,000 people and reported 24% drop in quarterly profits.
"Rating agencies and analysts voiced concerns about the company's ability to withstand a prolonged, deep recession. Moody's downgraded the company last month on concerns that AmEx may not be able to weather this potentially severe consumer-led economic downturn as well as previous recessions."
Why would converting a financial company to a bank holding company save this company from trouble?
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