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Has the Wall Street bank gone forever?

We have been today hit with news that the last two standing Wall Street banks have converted themselves into lower risk traditional banking operations. Both Morgan Stanley and Goldman Sachs have accepted licences from the Federal Bank which allow them to take deposits from customers but curtails the range of investments they are able to trade in - affectively taking away much of the risky investment we have heard of over the last few months.



In a separate move Morgan Stanley has also confirmed the sale of a 20% stake in the business to Mitsubishi Financial Group of Japan in a bid to inject more confidence and stability into the group. While the risk averse move in accepting the new licence was unexpected the groups are expected to revert back to their traditional licences as and when markets stabilise.



It seems that not only have we seen some of the world's major investment houses fall but the operations left standing have now been forced to retreat from many of their traditional markets. Life has really changed on Wall Street over the last few months and we are set to see more change with the government taking a firmer hand.

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