" ▁transactions )). ▁ ▁In ▁the ▁United ▁States , ▁commercial ▁bank ing ▁and ▁invest ment ▁bank ing ▁were ▁separated ▁by ▁the ▁G lass – Ste ag all ▁Act , ▁which ▁was ▁repe aled ▁in ▁ 1 9 9 9 . ▁The ▁repe al ▁led ▁to ▁more ▁" univers al ▁banks " ▁offering ▁an ▁even ▁greater ▁range ▁of ▁services . ▁Many ▁large ▁commercial ▁banks ▁have ▁therefore ▁developed ▁invest ment ▁bank ing ▁divisions ▁through ▁ac quis itions ▁and ▁h iring . ▁Notable ▁large ▁banks ▁with ▁significant ▁invest ment ▁banks ▁include ▁J PM organ ▁Ch ase , ▁Bank ▁of ▁America , ▁Cit igr oup , ▁Cred it ▁Suisse , ▁Deutsche ▁Bank , ▁U BS , ▁and ▁Bar cl ays . ▁▁ ▁After ▁the ▁financial ▁crisis ▁of ▁ 2 0 0 7 – 0 8 ▁and ▁the ▁subsequent ▁passage ▁of ▁the ▁D odd - Fran k ▁Act ▁of ▁ 2 0 1 0 , ▁reg ulations ▁have ▁limited ▁certain ▁invest ment ▁bank ing ▁operations , ▁not ably ▁with ▁the ▁Vol cker ▁Rule ' s ▁restrictions ▁on ▁propriet ary ▁trad ing . ▁ ▁The ▁traditional ▁service ▁of ▁under writing ▁security ▁issues ▁has ▁decl ined ▁as ▁a ▁percentage ▁of ▁re venue . ▁As ▁far ▁back ▁as ▁ 1 9 6 0 , ▁ 7 0 % ▁of ▁M err ill ▁Lyn ch ' s ▁re venue ▁was ▁derived ▁from ▁transaction ▁comm issions ▁while ▁" trad itional ▁invest ment ▁bank ing " ▁services ▁account ed ▁for ▁ 5 %. ▁However , ▁M err ill ▁Lyn ch ▁was ▁a ▁relatively ▁"