Now that might, in theory reduce mortgage rates, but the scope for making any margin on lending has been reduced again.
The 1970s brought insurance, corporate finance and securities margin-lending within its remit.
Either low interest rates have not got through to households or businesses because the banks need to make a higher margin on lending now to rebuild their balance sheets - or companies have plenty of money to invest, but they're too nervous about the future to do it.
And although there has been a further fall in the profitability of lending, the so-called margin, that is now expected to stabilise before recovering early next year.
Ye Linfeng, a researcher with Cnbenefit, said that China's smaller banks, which typically started issuing wealth-management products later than the major banks, are trying to bolster their fee income out of concern that the central bank's efforts to liberalize interest rates will increasingly eat into the fixed margin between deposit and lending rates they have traditionally relied on to turn a profit.
" Responding to the run-up in WLT, Li said, "Walter has outperformed its peers because it has successfully transformed itself from a sub-prime lending and homebuilding and coal business to a pure play in high margin metallurgical coal business.
HighTower brokers also run their own profit-and-loss statements, so instead of keeping 30% to 40% of gross fee production in W-2 earnings, they reap the benefit of all revenue associated with their clients, including interest spreads earned by lending idle cash in cash-rich accounts to other clients buying on margin.
In a statement, Thornburg Chief Executive Larry Goldstone said the company is talking with lenders to address the margin calls, avoid forced asset sales at large losses and resume its lending business.
Now RBS has failed to hit the so-called "stretch" targets for lending to small businesses, agreed with the Treasury in Project Merlin, by a modest margin.
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