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<STRONG>investment bank loans</STRONG>) in the public markets (both
equity and debt), as well as provide strategic advisory services for
mergers, acquisitions and other types of transactions. Over time, and
especially the past decade, many investment banks have come to offer a
wider range of services than just raising capital and advising large
corporations.</P>
<P class=text>Investment bank loans technically differ from Commercial
Banks which serve to directly take deposits and make loans. In recent
years, however, it has been increasingly common to see commercial banks
and investment banks combined together, as banks have become more
integrated. The Glass-Steagall Act was repealed by the Gramm-Leach-Bliley
Act in 1999, in the United States, the Glass-Steagall Act prohibited banks
from offering both commercial and investment services.</P>
<P class=naglowek>Role of Modern Investment Banks</P>
<P class=text>The original purpose of investment banks was primarily
raising capital and advising on mergers and acquisitions. As banking firms
have diversified, investment banks have come to fill a variety of roles
(list taken from the Swiss Banking Institute:</P>
<UL>