IF NOT THE OLDEST PROFESSION
, the banking business has a long history. In some ways, the core of banking is as it ever was: the banker borrows from retail depositors and invests in retail and commercial projects and institutions. The art and science of this revered business is the management of depositor withdrawal (‘liquidity’) and investment risks vis-à-vis the excess return of investment over borrowing. Bankers take risk and earn the spread.
Though long lived, the banking business is evolv