Professional Services history continued… The initial period of growth in the consulting industry was triggered by the Glass-Steagall Act was driven by demand for advice on finance, strategy, and organization. The Glass-Steagall Act, also known as the Banking Act of 1933, was enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression and prohibited commercial banks from engaging in the investment business.

From the 1950s onward until the 1980s consultancies not only expanded their activities considerably in the United States, but also opened offices in Europe and later in Asia and South America. 

More tomorrow…