Fintech was supposed to disrupt the financial old guard, but the market hasn’t been impressed with their performance so far.
Canadian banks are on an acquisition spree, having completed 118 purchases since 2008.
Three years ago, Iceland suffered a catastrophic banking collapse. Over a few days in October 2008, all three of its major banks fell, turning the country of 319,000 people into the first casualty of the financial crisis. By some measures, it was the largest financial system failure ever experienced by a single nation.
It takes guts to stand up in a room full of distinguished men and women and tell them their opinions are ridiculous. This is not a problem for Bank of Canada governor Mark Carney.
In the early 1990s, a director in the asset management division at Goldman Sachs approached Clifford Asness (above), a trader of mortgage-backed securities in his late 20s, with a proposal: Would he like to run Goldman's new quantitative research desk?