tldr; Banks suck because of a history of structural issues and a lack of market incentives to improve. A new kind of bank, one that doesn’t rely on fees but rather investments is now possible because the Volker rule was changed on June 25th, 2020.

The top 15 US banks have a combined $12 trillion in assets and capturing a small percentage of the US banking sector would make a $100 billion-dollar company. Banking was created in the 11th century, and the first merchant banks didn’t have walls, they were just a table and a paper ledger set up in…

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