It's hard to think of Goldman Sachs and Morgan Stanley as deposit takers. But they have become just that. Goldman Sachs has plans to expand its Utah-based bank for private clients. It has also applied for a bank charter in New York. As for Morgan Stanley, plans were well underway, according to CNNMoney. It has raised $3 billion in certificates of deposit (CDs) in the last four weeks. The New York City-based firm added that it would market other savings account products to its financial advisory clients next year. So it would appear that the two are moving toward something like a universal bank model--albeit one with less of a retail focus and more investment banking pop--that has proved so hard to make work for the likes of Citi. It's a whole new world, that's for sure.

 For more:
- here's the CNNMoney article [1]

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