By Bob Diamond
For the major US banks, the pandemic has been the final step in a decade-long process to ensure the safety and security of the financial system.
In line with regulators’ hopes following the 2008 financial crisis, US banks are now well and truly safe, but with big financial institutions less able and willing to take on risk and innovation, we cannot rely on their scale to translate into productivity gains.
Instead, it is the focused specialists who are likely to redefine financial services.
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