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ation and then the evolution of Mixed. 1929 U.S. stock market crash before the Great Depression, the U.S. banking Diversified Management. In this process, industrialization, public companies and the rapid development of the securities market spawned a number of financial oligarchy type universal banks; their typical representative of Morgan consortium.
1929 stock market crash triggered the economic crisis, commercial banks should bear the accusation that crash, people still argue high. But one thing is for sure, the commercial banks involved in speculative activity played a role in fueling. After the crisis, the U.S. government quickly issued a tremendous impact on the financial sector "Glass - Steagall Act." The bill clearly states: separation between banks and their securities subsidiaries; commercial bank can do business of government bonds, can not be done with the company securities-related securities business; commercial banking and investment banking business must be strictly separated; prohibited banks in securities companies arrange for employees or board members. The bill of commercial banks and investment banks are enormous influence, which directly contributed to the commercial banks and investment banks separate operation. U.S. financial sector was dominated by JP Morgan also had to be engaged in the investment banking division separated founded Morgan Stanley.
To the 1990s, in order to better meet customer requirements for one-stop financial services to further enhance U.S. global competitiveness of financial institutions, commercial banks also allow universal banking operations, the U.S. banking industry has returned mixed business model; its typical representative of JP Morgan. According to official statistics, the U.S. financial industry profits accounted for the share of profits of listed companies to 5% from 20 years ago, rose to 40%, significantly greater than the expansion of its financial services to the real economy. Advocated a free market economy, deregulation, a growing number of commercial banks to join them to feast derivatives. Outside of Europe and the United States relatively universal banks, the U.S. investment banking industry in the development process in the formation of large-scale profiteering derivatives market. Commercial banks involved in investment banking, so that high-risk investment banking penetration into commercial banks, this is not the end of the subprime crisis, one of the reasons the delay.
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