‘Wall Street as It Has Long Been Known Will Cease to Exist'

Might we need a new catchphrase to describe high finance in New York? From the Wall Street Journal this morning:

With the move, Wall Street as it has long been known -- a coterie of independent brokerage firms that buy and sell securities, advise clients and are less regulated than old-fashioned banks -- will cease to exist. Wall Street's two most prestigious institutions will come under the close supervision of national bank regulators, subjecting them to new capital requirements, additional oversight, and far less profitability than they have historically enjoyed.

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