Today's US Banking Shock

It seems like there's big shock banking news out every Monday at the moment, and today is no exception.

The last two major US investment banks Morgan Stanley and Goldman Sachs have changed their status to become bank holding companies, allowing them to take deposits from investors.

The changes should enable them to raise more funds by opening commercial banks and will also give them access to Federal Reserve support.

Both banks filed requests with the Federal Reserve to change their status, and late on Sunday, the Fed announced it had granted the requests.