In the midst of this financial crisis, many seem to be reconsidering the wisdom of completely repealing Glass Steagall (in this 10th year anniversary). Apparently those are the views of two former Chairmen of Citigroup and Paul Volcker.
While these are certainly important figures, they are arriving late to the view. At least some of the adverse consequences of repealing Glass Steagall (including the demise of independent investment banking firms) was predicted well before repeal. See The "Great Fall": The Consequences of Repealing the Glass-Steagall Act.