We think of Goldman Sachs Group Inc and Morgan Stanley as the Wall Street powerhouses but when the financial crisis hit, the two investment-banking businesses were left seriously injured. While they tried to mask this by donning a more basic banking cloak, most didn’t believe them.
But now, after trading revenues have shrunk considerably, they attempt to reinvent themselves, much to the disbelief of everyone. In an article in Wall Street Journal , Liz Hoffman explores this transition.