American Express Company
The Federal Reserve, using its emergency powers, granted approval for American Express and its Travel Related Services division to become bank holding companies after markets closed Monday. The move will give AmEx greater access to Federal Reserve funding and government rescue programs.
Citigroup Inc
The global financial services firm is imposing a moratorium on most foreclosures to help at-risk borrowers remain in their homes. The Citi Homeowner Assistance program will contact some 500,000 mortgage holders, roughly $20B of mortgage balances, to try to ensure that they can pay their loans and stay in their homes.
Las Vegas Sands Corp
The casino operator will suspend construction on two Macau properties to conserve cash and focus on other projects.
Starbucks Corp
The coffeehouse chain reported fiscal fourth-quarter profit fell sharply from a year ago, due to weaker store traffic and restructuring charges.