If I was head-hunter looking for a chief executive officer (CEO) for a bank today, I would not look for candidates in other banks – I would look in manufacturing. Why? Because banks are manufacturers (Risk January 2005, page 78), and often inefficient ones at that. The successful bank of the future will need someone who can think about production. Banks are facing many of the challenges that manufacturing has already faced, and solved.
The situation in banking today is similar to that