Okay, so let's think about the trends in banking. Modern investment banking started with the launch of the Dutch East India Company on the Amsterdam Stock Exchange in the 15th Century. Initially, investment banking focused on underwriting shares, which was sold on the stock exchange. Much of the securities issuance in the US derived from the government trying to fund the Civil War. With the growth of the US economy in the 1800s, businesses needed capital, which saw an enormous growth in capital markets. Following the market panic of 1907, the Federal Reserve was established in 1913. Following the Great Depression, the Glass-Steagall Banking Act came into force with a view to separating the banks into different groups, the commercial and the retail banking, so lending, and investment banking. so securities underwriting. In the 1960s and 1970s, we saw a growth in institutional investors and a significant expansion of capital markets. By 1980, interest rates had been deregulated, which was the start of the unpicking of the Glass-Steagall Act. In the 1980s, Michael Milken, a junk bond trader, started trading illiquid, sub-investment grade securities. In recent history, the junk bonds were difficult to sell. They'd been investment grade bonds, which had become what is referred to as fallen angels. However, Milken realized all the market really needed was liquidity. So he created liquidity in the market, and then started the process of issuing new junk bond securities directly into the market. Milken, in fact, helped finance some of the largest LBOs, and at the end of the 1980s, he'd allegedly earned $1 billion. However, he was indicted for racketeering and fraud in the late '80s. Junk bond financing was the necessary precursor to development of the modern private equity market. Increasingly, Wall Street pressurized regulators to disband the Glass-Steagall Act, which was completed in 1999. This allowed investment banks and commercial banks to merge together, and led to the creation of the modern Citibank, JP Morgan, and Barclays amongst others. And ultimately, this has encouraged banks to become more universal in their operations.