Regulatory-Approval

Citicorp-Travelers $70 Billion Merger Directly Violates Glass-Steagall Act

1998-04-06 00:00:00 +0000 UTC | Importance: 9/10

Citicorp and Travelers Group announce a $70 billion merger creating Citigroup, directly violating Glass-Steagall Act provisions separating commercial banking from insurance and securities activities. The Federal Reserve provides conditional approval based on the expectation that Congress will repeal …

Citicorp Travelers Group Federal Reserve Board Sandy Weill John Reed +1 more citicorp-travelers-merger glass-steagall-violation regulatory-approval citigroup banking-merger

Federal Reserve Approves Section 20 Subsidiaries for JP Morgan, Citicorp, and Bankers Trust

1987-04-01 00:00:00 +0000 UTC | Importance: 9/10

The Federal Reserve Board approved a pivotal regulatory decision allowing JP Morgan & Co., Citicorp, and Bankers Trust to establish Section 20 subsidiaries, marking a significant first breach in the Glass-Steagall Act’s separation of commercial and investment banking. The approval …

Federal Reserve Board JP Morgan & Co. Citicorp Bankers Trust Paul Volcker +1 more section-20-subsidiaries glass-steagall-erosion federal-reserve securities-underwriting regulatory-approval +1 more