Citi to combine commercial and investment banking

There was a day, long ago when anti-trust regulators thought it wise to separate investment banking from commercial banking. But in the modern era, the idea seems quaint. According to media reports, Citi is creating a new unit that would officially combine the two disciplines. For many clients, the bank has already identified a single relationship manager to handle both needs, reports CNBC. The new unit will be overseen by Ned Kelly, head of global banking and alternative investments in the institutional clients group. In the aftermath of the breakdown of Glass-Steagall, some investment banks were concerned that commercial banks would leverage their corporate banking relationships to steal investment banking market share. But, hey, they're all commercial banks now.

For more:
- here's the CNBC article

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