Goldman and Morgan lose banking status
Goldman Sachs and Morgan Stanley have become bank holding companies, in response to the crisis that has seen the bankruptcy of Lehman Brothers and the acquisition of Merrill Lynch by Bank of America. The US Federal Reserve announced that it had approved the application, subject to a five-day antitrust waiting period.
Goldman Sachs and Morgan Stanley will now be able to open retail branches, allowing them to diversify their funding base. However, as bank holding companies the firms will be subject
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