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Subtitle: by David McIlroy
The Global Financial Crisis ought to have been a wake-up call. Instead, it has largely been an opportunity missed. It is not, however, impossible to take the steps which are required to
transform the financial services industry into one which lives up to its name.
This paper seeks to remind us that the shape of banks and the nature of banking are not fixed, that there is an alternative to the domination of our financial system by a few large banks focused on short-term profits. Banking was different in the past and it could be once again.