Banking-Consolidation

Gramm-Leach-Bliley Act Retroactively Legalizes Citigroup Merger, Repeals Glass-Steagall

1999-11-12 00:00:00 +0000 UTC | Importance: 9/10

President Clinton signs the Financial Services Modernization Act (Gramm-Leach-Bliley Act), officially repealing key provisions of the Glass-Steagall Act of 1933 that separated commercial and investment banking. The law retroactively legalizes the 1998 Citicorp-Travelers merger that created …

President Bill Clinton Phil Gramm Jim Leach Thomas Bliley Jr Citigroup +2 more gramm-leach-bliley glass-steagall-repeal financial-deregulation citigroup regulatory-capture +1 more

NationsBank-BankAmerica $62 Billion Merger Creates First Coast-to-Coast National Bank

1998-09-30 00:00:00 +0000 UTC | Importance: 7/10

NationsBank completes its $62 billion acquisition of BankAmerica Corporation, creating the first truly coast-to-coast national bank in U.S. history and taking the Bank of America name. The merger occurs just one year before the formal repeal of Glass-Steagall, demonstrating how banking consolidation …

NationsBank BankAmerica Federal Reserve Department of Justice Hugh McColl banking-consolidation mergers glass-steagall deregulation market-concentration +1 more