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