With financial modernization reform on the legislative fast track, wholesale bankers are probably salivating at the prospect of boosting their investment banking businesses through mergers or internal buildups.

Before bankers rush to create the next Citigroup Inc., however, they may want to consider that, though regulatory hurdles may be wiped out, there are still pitfalls in the marketplace -- culture clashes, economics, and a lack of suitably priced acquisition targets.

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