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See What People Are Saying About... Goldman and Morgan

The Federal Reserve late Sunday approved a request from the country's last two major investment banks — Goldman Sachs and Morgan Stanley — to change their status to bank holding companies.

The change in status will allow them to create commercial banks that will be able to take deposits, bolstering the resources of both institutions. This means a future of stricter regulation, less leverage and probably lower returns.

But it also means a more stable financing future that will put the Federal Reserve and its balance sheet directly behind the two banks.

Both Goldman and Morgan own industrial loan companies based in Utah that will become banks. Morgan's bank has $36 billion in assets and is the 36th largest bank in America.

Goldman has two banks with combined assets of $20 billion. It will move assets from its investment bank into the combined bank to be called GS Bank USA.  The combined assets of the two is worth $150 billion.

But it’s likely both companies will now seek to buy other banks

And that leads to our Fast Money Reader Poll. Would you switch and do your regular everyday banking with Goldman and / or Morgan?

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