As expected it does not go as far as the 30s style Glass-Stegal act. Pull the banks back a bit, leave much to the regulators, which in a few years time can be bought clueless like the rating agencies were. Basically this is better than nothing and please don't ever think that the world is safer after this. Watch out for the next crisis.
For Singapore, I hope MM Lee never get the chance to merge the three banks into one. We can do everything right in Singapore but a one-mega bank only can with improper incentives, which rewards short term share price performance eventually sink us. Just look at what the government and the bureaucracy paid on GDP growth had rubbished productivity performance.
Business is business, but banking is banking.