Goldman and Morgan Stanley redefine investment banking

Now that the two US investment banks have become bank holding companies, the standalone investment banking model is forever changed.

Sunday night, when Morgan Stanley and Goldman Sachs announced that their applications to become bank holding companies were approved they made a decision to shore up their image in the market. The message was our funding base is secure, donÆt worry about us.

Yesterday, Morgan Stanley took one more step in that direction. It announced that Mitsubishi UFJ Financial Group, JapanÆs largest banking group and the worldÆs second largest bank holding company with $1.1 trillion in bank deposits, will buy...

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