Last major investment banks change status

[September 22, 2008]  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 companies.

The Fed announced late Sunday that it had 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 continued the biggest restructuring on Wall Street since the Great Depression.

[Associated Press; By MARTIN CRUTSINGER]

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