Q. Away from credit provision toward wealth management FOUR PILLARS story 1970s 1990s BANKS sec. Dealers trusts insurance Banks sec. Dealers trusts insurance asset mgmt Universal banking? Future? What are Future Challenges? Does Size Matter? Economies of scale can be quickly exhausted not everyone wants to ‘shop' from same ‘store' size can also mean diseconomies of scale if focus Is lost (leads to divestiture) and conflict of interest what matters to shareholders is profitability not Challenges (contd.) Does Regulation Matter?