Prof. Michael Böhm in Mainichi Shimbun on Credit Suisse's demise

new drugs and products, banks are less able to create value through new innovations. There is even the joke that "the only innovation banks have created is the ATM." German economist Michael Böhm and his [...] University of St. Gallen pointed out that "the managers of the giant banks should think about how much innovation and value the banks themselves have created." The reason for this is the declining position of [...] able to fully develop their skills within the confines of a bank. Finance is not a particularly innovative sector," Böhm argues, attributing this to a lack of competition. "The banking sector tends to be …