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In switch to banks, brokers eye thinner profits
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| Contributor | Ashley |
| Last Edited | Ashley Sep 23, 2008 10:14am |
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| Category | General |
| News Date | Monday, September 22, 2008 09:55:00 PM UTC0:0 |
| Description | End of Wall Street era may usher in leaner times at Goldman, Morgan
SAN FRANCISCO (MarketWatch) -- Less than a week ago, executives of the two largest U.S. brokerage firms highlighted the benefits of Wall Street's business models. By Sunday, those models were scrapped.
"We believe in the diversified business model of an investment bank and its ability to adapt to different environments," Morgan Stanley Chief Financial Officer Colm Kelleher said Tuesday.
"It is not the business model; it is the performance that matters," David Viniar, Kelleher's counterpart at Goldman Sachs, said the same day.
Soon after, the two securities brokers applied to become bank holding companies, gaining approval Sunday to transform themselves into deposit-taking institutions. |
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