AP , 11.12.08, 07:31 AM EST American Express Co. American Express is seeking $3.5 billion from the government amid rising defaults, reports WSJ. holding company. In other news, the Federal Reserve approved American Express' application to be licensed as a bank holding company. AXP announces it has been granted bank holding company status by the US Federal Reserve. AXP won US Federal Reserve approval to become a commercial bank, gaining access to government funds. The Federal Reserve approved American Express' application to be licensed as a bank holding company. Fellow Dow component and financial services giant American Express (AXP) is also adding to the bull’s anxieties. American Express (NYSE: AXP) opened at $23.47. So far today, the stock has hit a low of $22.70 and a high of $23.50. �� American Express wants your deposits.
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