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 (OCC) makes this point all too poignantly in its newly heightened expectations for the big banks – those who have...
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