https://www.ft.com/content/e4f1c550-0762-11e4-81c6-00144feab7de
“If you are a large, wealthy multi-billionaire you can put that into an M&A transaction and earn 15-20 percent. If you’re an ordinary American you earn 2 percent on your investments. That disparity has to be democratized. It’s now possible to take those frictions out. That is an important concept because it expands the number of people who are in the financial sphere. That has a positive growth impact. At the same time, it is about unmet needs.” I have an office and it’s Grand Central Station: everyone comes through. That shouldn’t be surprising His pitch is that technologically-savvy financial start-ups can squeeze the banks and bring down financial costs, though he concedes there are only nascent signs of this happening.
Vikram Pandit
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