Starting out from The General Theory and his rereading of Hicks, Modigliani, in his article of 1944 and in his subsequent paper, “The Monetary Mechanism”, published in 1963, analyzed the implications for employment of the downward rigidity of wages.
Underwriting, advisory, and asset and wealth management services are mostly fee-based services that do not put much of a firm’s capital at risk. In addition, asset and wealth management services are similar to the trust services that have always been allowable for banks.