Along these lines, the High-level Expert Group recognised the value of universal banks as suppliers of a comprehensive service to their customers and their important role in financing the European economy. As a result, complete separation similar to the former Glass-Steagall Act in the US was not required.
As the deposit bank and the trading entity are allowed to co-exist within a holding company structure, the banking group could still market all of the services, from its different constituent units. Concluding remarks The reputation of banks and the public trust that they rely on has been severely dented during the latest financial crisis.