Big Banks Might Not Like OCC's Heightened Expectations

Morgan Stanley (NYSE:MS), CIT Group Inc. (NYSE:CIT), Goldman Sachs Group Inc (NYSE:GS) and American Express Company (NYSE:AXP), as “corporate persons,” might have collectively awoken this morning and looked in the mirror, wondering, like a werewolf, what they have transformed into, writes Karen Shaw Petrou. In a memo to Federal Financial Analytics clients, Petrou speculates they peered deeply into the mirror and were shocked to discover “My God, I’ve turned into a bank!” Big banks’ transformational moment Why does this matter? “A bank is now very different from mortal financial institutions,” Petrou makes clear.  The Office of the Comptroller of the Currency…