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  • For most of the past century the Glass Steagall Act artificially separated commercial and investment banking, and the Bank Holding Company Act provisions prohibited insurance underwriting.
  • Salomon Smith Barney of the US, a subsidiary of Citigroup, is buying the investment banking group of the UK's Schroders for £1.35 billion ($2.23 billion).
  • United Pan-Europe Communications (UPC) has succeeded in its bid to raise $1.6 billion through a high-yield bond in late January.
  • Pirelli has announced the sale of its terrestrial optical systems business to Cisco Systems for $2.15 billion in the latter company's shares.