From Reuters: 

Indeed, the future shape and profitability of the banking industry hangs in the balance on the most sweeping overhaul of U.S. banking rules since the Great Depression, which is making its way through Congress now.

Mohamed El-Erian, co-chief investment officer of Pimco, which manages the world’s largest bond fund, said the banking system “is on a journey toward being much more utility-like because the benefits of stability today are being viewed to exceed the benefit of efficiency.”

“No society can accept a system that privatizes massive gains and socializes massive losses,” El-Erian said. “And therefore there will be a reaction, and history tells you that’s likely to be an overreaction.”