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The United States is sub-sector banking model typical. Thirties after the Great Depression, the United States learn from their mistakes, the first legally established commercial banking and investment banking division. After the eighties, the business separation restrictions eased, but the financial institution still maintains the traditional financial business boundaries. U.S. financial sub-sector management system, while many other countries of the financial system to the formation of an enormous impact.

Separate operation has the following advantages:
1, is conducive to cultivate two kinds of professional technical and professional business management level, the general securities business, according to different requirements of customers, and continuously improve their professional skills and services, and commercial banking business with customers are more focused on long-term stable relationship.
2, divided into two business operators to create a stable and closed environment, avoiding friction Hop competition operators may occur within an integrated banking group competition and internal coordination difficulties.
3, sub-commercial operators will help ensure the safety of our customers and the bank itself, to prevent commercial banks with excess funds in high-risk activities.
4, separate operation can suppress the generation of the financial crisis for the state and the stable development of the world economy has created conditions.
Separate operation of shortcomings:
1, constructed in the form of law separating the two services run the system, making it difficult to carry out the necessary two business business competition, with a clear competitive inhibition.
Two, separate operation to commercial banks and securities firms lack the complementary advantages, the securities industry is difficult to use, relying on commercial banks' financial strength and network advantages, commercial banks can not help the business of securities companies to promote their origin business.
3, separate operation is not conducive to fair international competition banks, especially in the face of large-scale, full-service large European universal banks, commercial banks is difficult in a single type of international competition in a favorable position.
Investment banks to innovate constantly in the competition, its business structure and capital structure are also in the process of innovation has undergone great changes, the incentive compensation model is also highly controversial. These factors brought to the investment banks over the past several years of rapid growth, but also became the fuse of this subprime crisis.
投资银行在竞争中不断进行创新，其业务构成和资本结构也都在创新的过程中发生了很大的变化，其薪酬激励模式也饱受争议。这些因素给投资银行带来了过去几年的高速增长，但也成为这场次贷危机的导火索。
In different countries and regions, the investment bank has a different title: in the United States is known as an "investment bank", known in English as "merchant bank" in other countries and regions are known as "securities companies." It should be noted that, although both are called "bank", commercial banks and investment banks actually are two different financial institutions.
In the past century, the U.S. banking industry has gone from Mixed to separate oper