Kpmg Expands Into Investment Banking

The nation’s second-largest accounting firm has joined an invasion by banks and insurance companies into what was once the exclusive domain of Wall Street firms.

KPMG Peat Marwick announced Friday an aggressive expansion into the investment banking business, saying it had formed a separate company to advise corporations on financial matters, help arrange mergers and privately place securities.

Experts said the steps were likely to be imitated by other Big Six accounting firms.