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Insurance and Banking: Oil and Water?

Expectations ran high in late 1999 when federal lawmakers repealed the Glass-Steagall Act, which for decades had barred various combinations of banking, brokerage and insurance activities within a single company. Inspired by the mega-merger between Citibank and Travelers Group, many executives and experts predicted a new wave of growth as formerly restricted players broadened their product suites. More than eight years later, however, few insurance carriers have realized their goals in selling banking products through ...

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