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End Of Banking

Banks can no longer be controlled

Neil Collins from the Financial Times has written about how banks have become ever more complex. In his words:

“The professionals struggle to see what is really going on, while the rest of us have no hope. We were grateful for Terry Smith’s simplified Lloyds Banking Group balance sheet in the FT last Saturday, just three lines to demonstrate how high-risk these businesses really are. Thirty years ago as a bank analyst, he could deconstruct their balance sheets with confidence – something he says is not possible today. The top executives pretend they understand, but they do not.”

This is an observation that underscores our claim: The digital revolution was a game changer. The reason why banking slipped out of control was the rise of information technology.

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