Morgan Stanley and Goldman Sachs go commercial

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

Related Articles:
Goldman, Morgan causing the contraction in hedge funds?
Morgan Stanley, Goldman Sachs now commercial banks