Why is everyone saying Goldmann and Morgan are the only 2 Investment Banks left? Is J.P. Morgan not one?
No, JP Morgan has been a commercial bank since the Glass-Steagal (sp?) act was put into place in the 1930s (the house of Morgan was split into Morgan Stanley and JP Morgan at that time, with MS being the investment banking entity and JP Morgan being the commercial banking entity). Of course with the Glass-Steagal act repeal a few years back, JPM has been pushing more into investment banking. But JPM does take customer's deposits and lends, whereas GS and MS do not (they are purely investment banks).