In both cases, the legal boundaries between different parts of a banking group are becoming less relevant. And all of that is probably just fine when things are going well. But when things do not go well - such as in a bank failure situation - the legal divisions within a banking group and the location of core functionality become very important indeed.
This somewhat muted effect of low-skilled immigration on local markets may reflect the adaptability of U.S. labor and product markets, which has allowed native workers and firms to adjust with relatively little displacement (Card, 2005; Card and Lewis, 2005; and Lewis, 2004, 2005).