Seeking shelter amid a global credit crunch and consumer spending slowdown, American Express announced Monday it is becoming a bank.
Amex hit by credit card defaults
American Express sees first quarter profits fall 6%, after the number of cardholders defaulting on debts rises.
GMAC - Fed opens door to bailout funds
The Federal Reserve on Wednesday opened the door for GMAC to get federal bailout money by granting the troubled General Motors finance arm status as a bank holding company.
GMAC at the brink - why it matters
GMAC Financial Services, the finance unit tied to automaker General Motors, said Wednesday it is coming up well short in its efforts to raise the capital it needs to become a bank holding...
How one bank avoided the meltdown
Not every player in banking is getting clobbered these days. BNP Paribas, which sparked part of the very first global credit-crunch panic when it froze three funds on Aug. 9, 2007, may emerge...
BNP profits hit by write-downs
French bank BNP Paribas sees quarterly profits fall 34% after it writes down the value of assets hit by the global credit crunch.
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