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But it would lose some benefits of universal banking.
"It preserves the French universal banking model that has stood the test of time".
"We re-affirm our commitment to the universal banking model," Mr. Jain told analysts.
Universal banking is out of favour with regulators as well as distrustful clients.
He has promised to continue the universal banking strategy set by his predecessor, John Varley.
"The UK has rejected the concept of universal banking," he said.
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Bankers on both sides of the Atlantic reckon that Deutsche is Europe's most credible competitor to America's universal-banking behemoths.
Britain's investment banks (principally Barclays Capital) will be held to the same equity capital standards as international peers.The second objection is that there are diversification benefits to the universal-banking model.
Sandy Weill, the man behind the mergers that created Citigroup, the archetypal universal-banking giant, surprised pundits last month by saying that megabanks should be broken up.In doing so he joined a sizeable list of ex-bankers who seem to have experienced remarkable changes of mind once they have retired, options and bonuses doubtless vested.
But stand-alone investment banks face an even wobblier future than their universal-banking cousins.
That seemed to promise the creation of six or seven financial-service companies akin to Europe's universal-banking giants, peddling a slew of products from insurance to retail financial services to investment banking.
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