A banking system in which banks provide a wide variety of financial
services, including both commercial and investment services. Universal
banking is common in some European countries, including Switzerland. In
the United States, however, banks are required to separate their
commercial and investment banking services. Proponents of universal
banking argue that it helps banks better diversify risk. Detractors
think dividing up banks' operations is a less risky strategy.
Source:
http://www.investopedia.com
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