Glass-Steagall was enacted in 1933 to create a firewall between commercial and investment banks: commercial banks could not underwrite or deal in securities, and investment banks could not accept deposits.

FORBES: Why The Glass-Steagall Myth Persists

So among his mandates is to search out a joint venture with a Chinese securities partner that would allow BofA Merrill Lynch to underwrite IPOs in China.

FORBES: Too Big To Fail But Brazen Enough To Still Get Bigger