This evolution continued to pick up speed in the years that followed through a number of legislative moves that validated the creation of ever larger banks. The scope of activities continued to grow  BIS Review 37/2010  1  through the 1990s and by the end of the decade we saw the merger between Citicorp and Travelers Group.
That merger required the divestiture of certain activities, but this became unnecessary with the passage of the Gramm-Leach-Bliley Act. The legislation allowed a single financial company to engage in commercial banking, investment banking, insurance underwriting and brokerage. This expansion of activities, some argued, created a stronger system overall because the institutions were more diversified.