Wall Street's Most Convenient Bank

It's not giving away toasters yet and John Mack is not about to appear in a folksy commercial inviting you to visit a neighborhood branch (and wouldn't he be great at that?), but Morgan Stanley is looking more like a bank these days.

The firm announced today that it had begun a new campaign to build bank deposits. It has sold $3 billion worth of certificates of deposit in the last four weeks. And it plans to introduce new bank products next year, "such as new savings account products and global currency accounts."

Of course, Morgan Stanley is already a bank: it, along with Goldman Sachs, converted last month to a bank holding company status. Morgan Stanley had some $36 billion in deposits as of August 31.

Indeed, Morgan Stanley emphasized in its statement that its global wealth management group already offers "a broad range of personal banking services" through a nationwide network of 500 offices, including unlimited check writing, online bill payments, and ATM access among other services.

The news underscores how much finance has retreated to the basics. The former dashing masters of the universe have changed into the dull, somber suits of bank managers. From fees on billion-dollar-buyouts to free checking.

• Cost of the Bailout: $7 Trillion and Counting
• Cheap Chic: Even Big Spenders Are Spending Less
• Lawmakers Press Executives to Disclose Their Pay
• Credit Crunched: A Special Report on Wall Street Chaos