White House economic adviser Gary Cohn told lawmakers in a private meeting this week that he supports a policy to reshape Wall Street by returning to the Depression-era law separating commercial and investment banks, reports MarketWatch, citing Bloomberg News.

Cohn, an ex-Goldman Sachs Group investment banker, said he favoured banking going back to the Glass-Steagall law that mandated firms, including Goldman, focus on trading and underwriting securities, while companies such as Citigroup focus on lending.