WASHINGTON (AP) - The Federal Reserve says it has granted a request by the country's last two major investment banks, Goldman
Sachs and Morgan Stanley, to change their status to bank holding
The Fed announced late Sunday that it has approved the request of the two investment banks. The change in status will allow them to create commercial banks that will be able to take deposits, bolstering the resources of both institutions.
The change continues the biggest restructuring on Wall Street
since the Great Depression.