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Banking is a utility in which taxpayers bear much risk. Regulators have to represent the interests of these risk-bearers of last resort.
Some commentators have likened the state of the current IT industry to that of the late nineteenth and early twentieth century electricity generation industry, where each factory would purchase, build, operate and maintain their own electricity generation substations. The introduction of large power stations and an electricity grid with reliable and affordable metered power, spelt the end of the factory specific substation.
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Whether we are talking of investment banking or commercial banking, returns will undoubtedly be lower in future. The only question is how much lower. There is a possibility, if the politicians are in the mood for such a move, that the banking system might even revert to the role of a utility, which is the way things were before the great deregulatory tide began in the 1970s. Not a cheerful prospect for risk-hungry bankers.
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