Following the subprime mortgage crisis, the bankruptcy of Lehman Brothers, the acquisition of Merrill Lynch and the collapse of Bear Stearns, only Goldman Sachs and Morgan Stanley are left in the top five investment banks on Wall Street.
Now, the remaining two investment banks will also be forced to transform. On the evening of 2 1, the Federal Reserve announced that it approved the request of Goldman Sachs and Morgan Stanley to become bank holding companies.
The transformation of Goldman Sachs and Morgan Stanley means "the end of Wall Street, which has long been known to the world".