This is an economic paradigm shift

Here’s the link, subscription only:

Goldman Sachs, Morgan Stanley To Be Bank Holding Companies
The Federal Reserve said it had approved the transformation of both Morgan Stanley and Goldman Sachs from investment banks to traditional bank holding companies, a step that would place the last two Wall Street titans under the close supervision of national bank regulators, subjecting them to new capital requirements and additional oversight.
The Fed said it would also extend additional lending to the broker-dealers of the two firms, in addition to Merrill Lynch’s, as they make the transition.
The steps effectively mark the end of Wall Street as it has been known for decades, and formalizes a quid-pro-quo that regulators have warned about in the months after Bear Stearns’s near collapse — in return for access to the Fed’s emergency lending facilities, the firms would need to subject themselves to more oversight. The step could have far reaching effects on their profitability and their business models.