Despite the battering the investment banking business has taken in the past year, bankers eagerly anticipate the dismantling of the Depression-era law that has kept them out of the business.

For banks that have operated investment banking subsidiaries, repeal of the Glass-Steagall Act would mean the end of a cap requiring that the subsidiary generate no more than 10% of overall revenue. In addition, deregulation would give them equity underwriting powers they don't enjoy today.

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