The separation that should exist between a bankÂ’s investment banking department and its research department. The separation is intended to protect research analysts who issue reports about companiesÂ’ financial situations from being influenced by investment bankers who are trying to sell merger advisory services or capital raising services to those same companies. As the stock market fell after record gains in 2000, and regulators began looking at conflicts between investment banking and research, it became apparent that the Chinese Wall had developed some gaping holes.