@ November 12, 2008 # No Comment Yet
American Express wants $3.5 billion in taxpayer bailout money, which explains why earlier this week Amex was deemed by the Federal Reserve to be a “bank holding compnay”, giving it access to Fed financing.
American Express has hit troubled times recently because its business model relied heavily on selling packages of credit card debt to investors; [...]
@ October 30, 2008 # No Comment Yet
In addition to the financial market meltdown that banks are facing due to the mortgage crisis, they are also losing billions of dollars from unpaid credit card debt. Major banks are asking the government to allow them to forgive up to 40% of some customers’ debt so that the customers will be able to pay [...]
@ October 30, 2008 # No Comment Yet
American Express is cutting 7,000 management jobs across the the country in hopes of saving $1.8 billion. The credit company has instituted a hiring and salary freeze and announced possible bonus reductions for its employees. AmEx will also reduce certain rewards programs for customers, as well as spending on marketing and advertising. Interest rates for [...]