Amex changed its profile

Amidst the financial crisis clouds, American Express, popularly known as Amex, decided to change its line of business from Credit cards, Business services and Travel Services to more traditional commercial banking operations. Thus, after Goldman Sachs and Morgan Stanley, Amex becomes the third bank on Wall Street to change its banking status.

The move will give Amex to increase their deposits- a more stable form of funding, besides it will easily get the more safer access of fed funding and will be under constant scanner of Fed.

Amex (AXP) stocks fell to around 22$ during the Mid-Day trading.

Thanks&Regards,
Mohit Kumar