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Gombe Travel on While it took many years to recover from the Great Depression and adjust to all of the new banking regulations, banking was largely successful and stable from World War II until the 1970s. In the 1970s and 1980s excess inflation caused by government overprinting of money to finance the national debt resulted in significant bank failures. What followed was a multi-decade wave of regulatory restructuring. Most of this deregulating was related to commercial banking. In 1999, the Financial Services Modernization Act was passed, which allowed commercial banks, securities firms, and insurance companies to merge—essentially repealing the Glass-Steagall Act. The most prominent example of bank expansion into securities services is Citicorp’s merger with Traveler’s Insurance Company, which resulted in the financial conglomerate named Citigroup. Since Traveler’s Insurance Group already owned the investment bank Salomon Smith Barney, the merger was a massive consolidation of banking, securities, and insurance services. Gombe Travel 2016.

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