Plans are also under way to underwrite securities and develop a trading platform.
They could not use their deposits to speculate in stocks and were no longer allowed to underwrite securities.
Bank of America also won't underwrite securities issued by makers of military-style guns used by civilians, Finucane said.
American banks in the last decade have shrunk in size compared with their foreign counterparts, which can underwrite securities.
Before the crash, industry practice allowed National City not only to underwrite securities but also to employ a sales army to peddle them to depositors.
Mr. Pruzan, who had had a long relationship with Altria, helped get Centerview into the deal, along with Lehman Brothers, even though Centerview does not underwrite securities.
In serving both individual and commercial customers, these institutions accept deposits, provide checking accounts, underwrite securities, originate loans, offer mortgages, manage investments, and sponsor credit cards.
Another is that collaboration between financial firms is always fraught: they jointly underwrite securities and lobby for political advantage, but they are sensitive when it comes to information and do not always play well together.
J. P. Morgan Equities Inc., the Morgan subsidiary, will offer advisory and brokerage services to institutional customers but will not be able to buy securities for its own account or to underwrite securities.
