A New Leadership Model for Financial Companies

The Wall Street crisis calls for the new financial-services firms to be run much like conglomerates and for executives with much greater depth and breadth of management skills

Since the repeal in late 1999 of the 75-year-old Glass-Steagall Act, which separated investment and commercial banks, Wall Street has been moving back to the future. The events of the last several weeks have brought about further transformation. The old Wall Street—large independent investment banks with 35:1 leverage and big, deposit-based commercial banks—is gone.

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