"Banks will no longer be allowed to own,invest or sponsor hedge funds, private equity funds or proprietary trading operations for their own profit, unrelated to serving their customers,".

VOA: standard.2010.01.21

On returning to run the firm in 2005, after the ejection of the risk-averse Philip Purcell, he declared that it was under-leveraged and needed to push into mortgages, proprietary trading and private equity.

ECONOMIST: Investment banking: Wall Street's annus horribilis | The

Mr Esteves counters that principal investments, including proprietary trading and private-equity activity are only 15-20% of income, although this is still quite high by the newly chaste standards of Western firms.

ECONOMIST: Finance after the crisis: Pactual

That would apply to owning hedge funds, owning private equity funds, and proprietary trading that is not for any client-related business.

WHITEHOUSE: Press Briefing