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| Author: | Celarier, M. |
| Title: | Chipping at the firewalls |
| Journal: | Euromoney
1997 : DEC, 12, p. 52-55 |
| Index terms: | MONEY BANKING USA |
| Language: | eng |
| Abstract: | US banks still go through contortions to get round the crumbling Glass-Steagall Act, which limits their securities business. But action by US Federal Reserve will reduce some of the balance-sheet gymnastics required. It will bring one dramatic step nearer the day when banks and securities firms might merge. Several years ago, Canadian Imperial Bank of Commerce (CIBC) decided to expand into the US securities business to meet the needs of its Canadian clients and grow inernationally. But becoming a big player in US government securities wasn't the first thing on its mind. |
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