Who truly coined the phrase “Banking is necessary. Banks are not.”
Personally, I give Bill Gates credit for many a thing. Without his technology vision and his business acumen our daily lives would look totally different today. Yet, despite many sources on the Web claiming so, I give him no longer credit for the statement “Banking is necessary. Banks are not.”. After some tedious research on the Internet as well as in literature data bases the most convincing source of this quote became for me the former chairman and CEO of Wells Fargo, Mr. Richard M. Kovacevich. See Nocera, Joseph (1998): Banking is necessary-Banks are not. Fortune. May 11th, Vol. 137, Issue 9, p.84.
However, should you have any hard evidence proving the opposite, please do drop me a comment. Thanks!
Dr. Patrick Schüffel, A.Dip.C., M.I.B., Dipl.-Kfm.
Haute école de gestion Fribourg
Chemin du Musée 4
Patrick Schueffel is adjunct professor at the Institute of Finance of Fribourg’s School of Management. His research interests focusses on the areas of Entrepreneurship in Banking & Finance, Innovation, Strategy and International Business and thus on Fintech. He has published widely in academic as well as practitioner journals in Switzerland and internationally. Prior to his academic career professor Schueffel served as the Chief Operating Officer of Saxo Bank (Switzerland) and was a member of the Senior Management of Credit Suisse. At Credit Suisse he was the responsible global innovation officer of the one-thousand employee strong organizational unit “Investment Services & Products”. He holds a doctorate degree from Henley Business School at the University of Reading/UK, a Master Degree from the Norwegian School of Economics and Diploma from Mannheim University/Germany.
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