The latest defense of the universal bank model comes from Morgan Stanley CEO James Gorman.

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"They made a strong case that they wanted to maintain a universal bank model, " Bove said.

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Big bank CEOs may not have the most objective of voices but they are loud and powerful, and these days they are using them to defend their universal bank model more openly.

FORBES: Don't Hold Your Breath, Big Banks Will Not Be Broken Up

Wachovia, under its former CEO, Ken Thompson, tried to build itself into a universal bank, a business model common in Europe but rare in America.

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