Influential Bankers of the last 500 years discuss their views on banking's purpose and future

Moderator: Good evening and welcome to this panel debate on the purpose of banking, building trust, and serving clients. Today, we have an esteemed group of bankers from different eras with us. We have Mayer Amschel Rothschild, JP Morgan, Nathan Rothschild, Andrew Mellon, Sandy Weill, Jamie Damon, and Giovanni di Bicci de' Medici. Alright, let's kick off this panel by having each of you introduce yourselves and your role in the banking industry.

Mayer Amschel Rothschild: I am Mayer Amschel Rothschild, founder of the Rothschild banking dynasty. My family has been involved in banking for over two centuries, and we have been instrumental in financing major historical events such as the Napoleonic Wars.

JP Morgan: I am JP Morgan, founder of J.P. Morgan & Co. I was one of the most powerful bankers of my time, and my firm helped finance many of the major infrastructure projects in the United States in the late 19th and early 20th centuries.

Nathan Rothschild: I am Nathan Rothschild, one of the five sons of Mayer Amschel Rothschild. I played a key role in the development of the Rothschild banking empire and was known for my successful investments and financial speculation.

Andrew Mellon: I am Andrew Mellon, founder of Mellon Bank and former US Secretary of the Treasury. My family has been involved in banking for generations, and I played a key role in the financial policies of the US government in the 1920s.

Sandy Weill: I am Sandy Weill, former CEO of Citigroup. I am known for my role in creating the financial supermarket model and building one of the largest financial institutions in the world.

Jamie Dimon: I am Jamie Dimon, current CEO of JPMorgan Chase, one of the largest banks in the world. I have been involved in the banking industry for over three decades and have led JPMorgan Chase through some of the most challenging times in its history.

Giovanni di Bicci de' Medici: I am Giovanni di Bicci de' Medici, founder of the Medici bank. My family played a key role in the development of banking in Europe during the Renaissance and helped finance many of the major artistic and cultural achievements of that era.

Moderator: Thank you all for introducing yourselves. My next question is: what has changed in banking since you started in the space, and what trends are you most excited about for the future? Let's start with Mayer Amschel Rothschild.

Mayer Amschel Rothschild: Banking has changed a lot since my time, but the fundamentals remain the same. Trust and reputation are still key, and providing financial services to clients is still the foundation of our business. As for trends, I'm intrigued by the rise of digital banking and how it will transform the industry in the future.

JP Morgan: I would agree with Mayer Amschel Rothschild that the fundamentals remain the same, but I think the scale of banking has changed dramatically. When I started in the industry, banking was much more personal, with a focus on relationships and trust. Now, banks operate on a much larger scale, with a global reach and complex products and services. As for trends, I'm excited about the potential for artificial intelligence and machine learning to transform banking and improve the customer experience.

Nathan Rothschild: I would say that the pace of change in banking has accelerated greatly since my time. Technological advances have made banking more accessible to a wider range of people, but they have also made it more competitive. In terms of trends, I'm interested in the potential for blockchain technology to transform the industry by improving transparency and reducing fraud.

Andrew Mellon: When I started in banking, it was a much more conservative industry, with a focus on stability and security. Today, the industry is much more dynamic, with a greater focus on innovation and risk-taking. As for trends, I'm excited about the potential for financial technology to improve efficiency and reduce costs.

Sandy Weill: When I started in banking, it was a much more siloed industry, with different divisions for different types of financial services. I'm proud to have been a part of breaking down those barriers and creating the financial supermarket model. As for trends, I think we're only just beginning to see the potential for digital banking and the integration of financial services with other industries.

Jamie Dimon: When I started in banking, it was a very different industry. The regulatory environment was less complex, and the industry was less competitive. Today, banks face a lot of challenges, but I'm excited about the potential for technology to transform the industry and improve the customer experience.

Giovanni di Bicci de' Medici: When I started in banking, it was a much smaller

Moderator: Mayer Amschel Rothschild, what is the purpose of banking?

Mayer Amschel Rothschild: The purpose of banking is multifaceted, but at its core, it is to provide financial services that help businesses and individuals achieve their goals. This includes providing access to capital, managing risk, facilitating transactions, and providing financial advice and guidance.

Giovanni di Bicci de' Medici: I agree that the purpose of banking is to provide financial services, but I believe that banks have a broader responsibility to serve society as a whole. This includes supporting economic growth, promoting financial inclusion, and contributing to the overall stability of the financial system.

Andrew Mellon: I agree with Mayer Amschel Rothschild's perspective that the purpose of banking is to provide financial services, but I believe that the primary responsibility of banks is to manage risk and ensure the safety and soundness of the financial system. This involves prudent lending practices, effective risk management, and strict adherence to regulatory requirements.

JP Morgan: I agree that managing risk is a key responsibility of banks, but we also have a duty to serve our clients and help them achieve their goals. This involves providing tailored solutions that meet their unique needs, delivering excellent customer service, and leveraging our expertise and resources to help clients navigate complex financial markets.

Nathan Rothschild: I believe that banks can best serve their clients by providing tailored solutions that meet their unique needs and helping them navigate complex financial markets. This includes providing access to a wide range of financial products and services, delivering personalized advice and guidance, and providing excellent customer service and support.

Jamie Dimon: I believe that digital banking can be a powerful tool for serving clients, but we need to ensure that we are using technology in an ethical and responsible way. This includes protecting customer data and privacy, ensuring the security of digital transactions, and maintaining a human touch in our interactions with clients.

Sandy Weill: The risks and challenges of digital banking include cyber threats, privacy concerns, and ensuring that we are maintaining a human touch in our interactions with clients. To address these challenges, we need to invest in robust cybersecurity measures, provide clear and transparent communication with clients, and ensure that we are using technology to enhance the customer experience, not replace it.

Giovanni di Bicci de' Medici: I believe that cryptocurrency presents significant opportunities for innovation and growth, but we need to ensure that we are managing the risks appropriately and working within the regulatory framework. This includes developing robust risk management practices, complying with regulatory requirements, and leveraging the potential benefits of blockchain technology.

Andrew Mellon: I think cryptocurrency presents some risks to the financial system, but we can manage those risks through effective regulation and risk management practices. This includes ensuring that cryptocurrency exchanges are subject to regulatory oversight, monitoring for fraudulent activity, and educating consumers about the potential risks and benefits of using cryptocurrency.

JP Morgan: The benefits of cryptocurrency include its potential for faster and cheaper transactions, but there are significant drawbacks as well, such as volatility, lack of regulation, and potential for fraud and abuse. To fully leverage the potential benefits of cryptocurrency while managing its risks, we need to continue to work with regulators, develop best practices, and invest in technology and innovation.

Nathan Rothschild: Banks can build and maintain trust with their clients by focusing on transparency, communication, and providing excellent service and tailored solutions that meet their clients' needs. This includes being upfront about the risks and costs of financial products and services, providing clear and timely communication, and delivering high-quality customer service.

Sandy Weill: Banks need to take responsibility for their mistakes, make things right with their clients, and take steps to learn from their mistakes to prevent them from happening again. This includes being transparent about any issues or failures and taking swift action to address them. By being accountable and transparent, banks can build and maintain trust with their clients.

Jamie Dimon: I agree with Sandy that accountability and transparency are key to building trust with clients, but we also need to focus on delivering a superior customer experience. This involves understanding our clients' needs and preferences, providing personalized solutions, and leveraging technology to enhance the customer experience.

My next question is: what has changed in banking since you started in the space, and what trends are you most excited about for the future?

Nathan Rothschild: When I started in banking, the industry was all about relationships and reputation. Trust was paramount, and that trust was built up over years of dealing with clients and providing them with sound advice and access to capital. Now, with the rise of technology, we're seeing a shift towards digital banking, and the way we build trust with clients is changing. I'm excited about the potential of technology to make banking more accessible and efficient, but I worry that we may lose some of the personal touch that was so critical to building trust in the past.

Sandy Weill: I agree with Nathan that technology is transforming banking, but I see it as an opportunity rather than a challenge. When I started in banking, it was a highly fragmented industry with thousands of small banks across the country. We saw the potential to create a financial supermarket that could provide customers with all the services they needed under one roof, and we were able to build Citigroup into a global powerhouse. Now, I see the potential for even greater consolidation in the industry, with large tech companies like Amazon and Google moving into financial services. As a result, I believe there will be fewer standalone banks in the future, but those that survive will be bigger and more powerful than ever before.

Giovanni di Bicci de' Medici: When I started in banking, it was all about serving the needs of the local community. We were a small bank in Florence, but we built our reputation by providing our customers with sound financial advice and access to credit. Now, the industry has become much more global, and banks are competing on a much larger scale. I believe that in the future, the most successful banks will be those that are able to combine the personal touch of a local bank with the global reach of a large institution.

Mayer Amschel Rothschild: When I started in banking, it was all about building relationships with wealthy clients and serving their needs. We were able to build a global network of banks by providing our clients with access to capital, and we were able to maintain our reputation by being discreet and trustworthy. Now, with the rise of technology and the increasing importance of transparency, it's becoming harder to maintain that reputation. I believe that in the future, banks will need to be more transparent and more focused on serving the needs of society as a whole.

Andrew Mellon: When I started in banking, the industry was still recovering from the Great Depression, and the focus was on stability and safety. We were focused on providing our customers with a safe place to keep their money and access to credit when they needed it. Now, the industry is much more focused on innovation and growth. I believe that in the future, the most successful banks will be those that are able to balance innovation with stability and provide their customers with a wide range of products and services.

Jamie Dimon: When I started in banking, it was all about building relationships and providing customers with sound advice. Now, with the rise of technology, we're seeing a shift towards digital banking, and the way we build trust with clients is changing. I believe that in the future, the most successful banks will be those that are able to combine the personal touch of a local bank with the global reach of a large institution and provide their customers with a wide range of digital services.

Moderator: Recent bank failures at Silicon Valley Bank and First Republic have highlighted the fragility of trust in the banking industry. How can banks restore trust with their clients and ensure that such failures don't happen again?

Mayer Amschel Rothschild: Restoring trust with clients requires a comprehensive approach that includes transparency, accountability, and effective risk management practices. Banks must be transparent about their operations and risks, and take responsibility for any failures that occur. Additionally, they must implement effective risk management practices to prevent such failures from happening again.

Giovanni di Bicci de' Medici: I believe that restoring trust with clients requires banks to demonstrate a commitment to their clients' interests and to society as a whole. This includes investing in the communities they serve, promoting financial inclusion, and acting with integrity and transparency in all their operations.

Andrew Mellon: Restoring trust with clients requires banks to focus on risk management and regulatory compliance. Banks must develop robust risk management practices and ensure that they are complying with all regulatory requirements. Additionally, they must demonstrate a commitment to their clients by providing excellent service and tailored solutions that meet their clients' needs.

JP Morgan: Restoring trust with clients requires a holistic approach that includes transparency, accountability, and delivering excellent customer service. Banks must be transparent about their operations and risks, and take responsibility for any failures that occur. Additionally, they must deliver high-quality customer service and tailored solutions that meet their clients' needs.

Nathan Rothschild: I believe that restoring trust with clients requires a focus on communication and building strong relationships with clients. Banks must communicate effectively with their clients, provide clear and transparent information about the risks and costs of financial products and services, and deliver excellent customer service and support.

Jamie Dimon: I agree with Nathan that building strong relationships with clients is key to restoring trust. Banks must be responsive to clients' needs, deliver high-quality customer service, and leverage technology to enhance the customer experience. Additionally, banks must invest in cybersecurity and other measures to protect clients' data and privacy.

Moderator: The rise of digital banking and the evolution of cryptocurrency have disrupted the traditional banking industry. How can traditional banks stay competitive in this new landscape?

Mayer Amschel Rothschild: Traditional banks must embrace technology and innovate to stay competitive. This means investing in digital banking solutions and developing new products and services that meet the changing needs of clients.

Giovanni di Bicci de' Medici: I agree with Mayer that traditional banks must embrace technology, but they must also focus on providing personalized, high-touch service that sets them apart from digital-only competitors. Traditional banks have a long history of building relationships with clients, and they must leverage this advantage to remain competitive.

Andrew Mellon: Traditional banks must also focus on regulatory compliance and risk management in the new landscape. Digital banking and cryptocurrency present new risks and challenges, and banks must develop robust risk management practices to address these risks.

JP Morgan: To stay competitive, traditional banks must develop a multi-channel approach that leverages both digital and in-person banking solutions. This means investing in digital banking solutions while also maintaining a strong physical presence in communities.

Nathan Rothschild: Traditional banks must also focus on providing a superior customer experience that sets them apart from digital-only competitors. This involves leveraging technology to enhance the customer experience, providing personalized solutions, and delivering high-quality customer service and support.

Jamie Dimon: I agree with Nathan that providing a superior customer experience is key to staying competitive in the new landscape. Additionally, traditional banks must focus on innovation and developing new products and services that meet the changing needs of clients.

Moderator: A recent trend in the banking industry is the rise of "banking as a service" provided by large B2C and B2B companies like Apple, Microsoft, Amazon, Google, and Facebook. Do you believe standalone banks will be needed in the future, or do you think banking will just become a service provided by these larger companies?

Mayer Amschel Rothschild: I believe that standalone banks will always be needed in the future. Banks play a critical role in the economy, providing lending and financial services to individuals, businesses, and governments. While larger companies may enter the banking industry, I believe that standalone banks will continue to be essential.

Giovanni di Bicci de' Medici: I agree with Mayer. Standalone banks will always be needed in the future, particularly as the banking industry continues to evolve and adapt to new challenges and opportunities. While larger companies may provide banking services, they cannot replicate the specialized expertise and knowledge that standalone banks bring to the table.

Andrew Mellon: I believe that the banking industry will continue to evolve and change, and it is possible that larger companies may provide banking services. However, I believe that standalone banks will continue to play a critical role in the economy, particularly in providing specialized services and expertise to clients.

JP Morgan: I agree with my fellow panelists that standalone banks will always be needed in the future. While larger companies may provide banking services, they cannot replicate the unique services and products that standalone banks provide to clients.

Nathan Rothschild: I believe that standalone banks will continue to be essential in the future, particularly as the banking industry continues to innovate and adapt to new challenges and opportunities. While larger companies may enter the banking industry, they cannot replicate the personalized service and expertise that standalone banks provide to clients.

Jamie Dimon: I agree with my fellow panelists that standalone banks will always be needed in the future. Banks provide a critical function in the economy, and while larger companies may provide banking services, they cannot replicate the specialized knowledge and expertise that standalone banks bring to the table.

Moderator: Let's explore the topic of wealth disparity further. It's clear that banks have a dual role to play, as both patriotic citizens of their countries and fiduciaries for their wealthy clients. This can create a tension between individual interests and the greater welfare of society. How do you as banking leaders reconcile these conflicting responsibilities? And can you provide more detailed and thoughtful responses on how you plan to address wealth inequality, particularly in the wake of the COVID-19 pandemic?

Mayer Amschel Rothschild: As a bank, we have a responsibility to act in the best interests of our clients, but we also have a responsibility to society as a whole. We believe that it is possible to balance these two roles by promoting growth and stability in the economy while also ensuring that our clients' interests are protected. However, we also recognize that wealth inequality is a major challenge that needs to be addressed. We plan to work with policymakers and other stakeholders to find solutions that promote greater economic opportunity for all.

Giovanni di Bicci de' Medici: I agree with Mayer that banks have a dual responsibility to promote growth and stability in the economy while also acting in the best interests of our clients. However, we also need to recognize that wealth inequality is a major challenge that requires action. As a bank, we plan to use our resources and expertise to support initiatives that promote economic opportunity and reduce inequality. This includes investing in education and job training programs, supporting small businesses, and promoting financial inclusion.

Andrew Mellon: Wealth inequality is a major challenge facing society, and banks have a critical role to play in addressing it. We need to balance our dual responsibilities of promoting growth and stability in the economy while also acting in the best interests of our clients. To address wealth inequality, we plan to focus on creating jobs, supporting education and job training programs, and investing in infrastructure. We also plan to work with policymakers and other stakeholders to find innovative solutions that promote greater economic opportunity and reduce inequality.

JP Morgan: Wealth inequality is a major challenge that requires action from banks and other stakeholders. As a bank, we have a responsibility to act as patriotic citizens of our countries, supporting the economy and promoting growth. We also have a fiduciary responsibility to our clients, and we must act in their best interests. To address wealth inequality, we plan to focus on promoting financial inclusion, supporting small businesses, and investing in education and job training programs. We believe that these initiatives will help to create a more just and equitable society.

Nathan Rothschild: I agree with my fellow panelists that wealth inequality is a major challenge that requires action. As a bank, we have a dual responsibility to promote growth and stability in the economy while also acting in the best interests of our clients. To address wealth inequality, we plan to support initiatives that promote economic opportunity, such as investing in education and job training programs, supporting small businesses, and promoting financial inclusion. We also plan to work with policymakers and other stakeholders to find innovative solutions that address this important issue.

Sandy Weill: I think it's important for banks to play a role in addressing wealth inequality. As a bank, we have a responsibility to act in the best interests of our clients, but we also have a responsibility to society as a whole. We need to work with policymakers and other stakeholders to find solutions that promote greater economic opportunity and reduce inequality. This includes investing in education and job training programs, supporting small businesses, and promoting financial inclusion.

Jamie Dimon: Wealth inequality is a major challenge facing society, and banks have a critical role to play in addressing it. As a bank, we have a responsibility to act in the best interests of our clients while also supporting the economy and promoting growth. To address wealth inequality, we plan to focus on creating jobs, supporting education and job training programs, and investing in infrastructure. We also plan to work with policymakers and other stakeholders to find innovative solutions that promote greater economic opportunity and reduce inequality.

Moderator: Thank you for your responses. However, let me reframe the question a bit to focus more on the role of banks as fiduciaries. As you all know, many banks cater to high net worth and ultra-high net worth individuals. As fiduciaries for these clients, what is your responsibility to address wealth disparity and serve the greater good, as opposed to just optimizing for your clients' individual wealth?

Mayer Amschel Rothschild: As a banker, my first responsibility is to my clients. However, I believe that it is possible to serve the greater good while also optimizing for the clients' individual wealth. For example, by investing in socially responsible projects or companies, we can help our clients generate wealth while also making a positive impact on society.

Nathan Rothschild: I agree with my ancestor, but I also think it's important to recognize that we cannot solve wealth disparity on our own. It's a societal issue that requires collaboration from all parties, including governments and other institutions. As fiduciaries, we must always act in our clients' best interests, but we can also encourage them to make socially responsible investments and engage in philanthropic efforts.

Sandy Weill: I think it's important to recognize that wealth disparity is not necessarily a bad thing. It is a natural consequence of capitalism and can actually drive innovation and economic growth. As fiduciaries, our primary responsibility is to our clients, not society as a whole. However, I do think that banks can play a role in promoting economic mobility by providing access to credit and other financial services to underprivileged communities.

Andrew Mellon: I agree with Sandy that our primary responsibility is to our clients, but I also believe that banks have a responsibility to support the economy and society as a whole. As fiduciaries, we should encourage our clients to invest in projects that not only generate wealth but also promote economic growth and stability.

Jamie Dimon: I think it's possible to strike a balance between serving our clients' individual wealth and promoting the greater good. As fiduciaries, we have a responsibility to act in our clients' best interests, but we should also recognize the impact of our actions on society as a whole. By engaging in socially responsible investing and promoting economic growth, we can help our clients achieve their goals while also benefiting the broader community.

Moderator: Thank you for your thoughtful responses. However, let's delve a bit deeper into the issue of wealth disparity. One aspect that has received significant attention in recent years is the issue of tax avoidance. As fiduciaries for wealthy clients, what is your stance on tax avoidance, and how do you balance the interests of your clients with the need to support society through taxes?

Mayer Amschel Rothschild: As fiduciaries, we must always act within the bounds of the law. Tax avoidance, when done legally, is a way to optimize our clients' wealth, and as such, it is a legitimate strategy. However, we also recognize that taxes are an essential component of a functioning society, and as such, we encourage our clients to comply with the tax laws and to engage in philanthropic efforts to support society.

Nathan Rothschild: I agree with my ancestor. As fiduciaries, we must always act within the law. However, we also recognize that tax avoidance can sometimes have unintended consequences, such as harming society's ability to fund public goods and services. As such, we encourage our clients to take a balanced approach to tax planning and to consider the broader implications of their actions.

Andrew Mellon: As fiduciaries, we must always respect the tax laws of the jurisdictions in which we operate. At the same time, we also recognize that taxes are essential to support public goods and services, and we encourage our clients to engage in responsible tax planning that supports the broader community.

Sandy Weill: I think that tax avoidance is a legitimate strategy for optimizing wealth, and as such, it is within the purview of our role as fiduciaries. However, I also recognize the importance of taxes in supporting society, and as such, I think it's important to find a balance between optimizing wealth and supporting the community through taxes.

Jamie Dimon: I agree with my fellow panelists that tax avoidance is a legitimate strategy when done within the bounds of the law. However, I also recognize the importance of taxes in supporting the community, and as such, we encourage our clients to take a balanced approach to tax planning that considers the broader impact of their actions on society.

Moderator: Mayer Amschel Rothschild, your banking dynasty has a rich history, including your role in hiding assets for Crown Prince Wilhelm of Hesse. Given this history, how do you reconcile your previous answer about respecting tax laws and supporting society through taxes, and what is your stance on the use of tax havens?

Mayer Amschel Rothschild: I acknowledge my past actions and recognize that they were not consistent with my current stance on tax planning. I firmly believe that it is our responsibility as fiduciaries to act within the bounds of the law and to support society through taxes. As for the use of tax havens, we believe in responsible tax planning that is fully compliant with relevant laws and regulations.

Nathan Rothschild: I think it's important to recognize that our industry has evolved significantly over the past few centuries. While we acknowledge our past and the role that some of our ancestors played in the development of the industry, we also recognize the importance of adapting to changing times and aligning with modern ethical and legal standards.

Andrew Mellon: As an industry, we have a responsibility to continually reassess our practices and ensure that they align with modern ethical and legal standards. While our history is important, we must also recognize the need to evolve and adapt to changing times.

Sandy Weill: I think it's important to acknowledge that the use of tax havens can sometimes have unintended consequences, such as harming society's ability to fund public goods and services. As such, we must be mindful of the broader impact of our actions and strive to find a balance between optimizing wealth and supporting the community through taxes.

Jamie Dimon: I agree with my fellow panelists that we must be mindful of the broader impact of our actions, including the use of tax havens. As an industry, we must strive to act in a responsible and ethical manner that aligns with modern standards and supports the broader community.

Moderator: Sandy Weill, you have been credited with pioneering the concept of a financial supermarket, creating Citigroup, but the business was effectively torn down by your successors. What are your thoughts on that?

Sandy Weill: Well, I think it's important to understand the context of when Citigroup was created. We were responding to a changing financial landscape and the need for a one-stop-shop for all financial needs. While Citigroup may not be what it once was, I think the concept of a financial supermarket remains relevant and necessary in today's market.

Jaime Dimon: I agree with Sandy that the concept of a financial supermarket is still relevant, but the key is to evolve and adapt with the changing times. That's something we've tried to do at JPMorgan Chase, and I think that's why we've been successful in staying relevant over the years.

Nathan Rothschild: I believe it's important to strike a balance between specialization and diversification. While a financial supermarket may offer convenience for clients, there is also a risk of spreading oneself too thin and not being able to provide the same level of expertise and quality of service in all areas.

Andrew Mellon: I think it's important to remember that banks have a responsibility to their shareholders as well. While providing a wide range of services may be appealing to clients, we have to consider the cost and profitability of each business line.

Giovanni di Bicci de' Medici: I agree that banks have a responsibility to their shareholders, but we also have a responsibility to our clients and the communities we serve. We have to find a way to balance those responsibilities and prioritize the long-term health and sustainability of the bank.

Moderator: Nathan Rothschild, you bring up an interesting point about specialization versus diversification. Can you elaborate on that?

Nathan Rothschild: Yes, I believe that it's important for banks to have a core competency in a certain area or areas. For example, Rothschild has a long history of expertise in mergers and acquisitions, and we've been able to build on that expertise over the years. However, we also recognize the importance of diversification to mitigate risk and provide a wide range of services to our clients.

Andrew Mellon: I think it's also important to consider the changing regulatory landscape. In some cases, it may be more beneficial to specialize in certain areas to avoid the risks and costs associated with regulatory compliance across multiple business lines.

Sandy Weill: I agree that regulatory compliance is an important consideration, but we also have to consider the needs of our clients. If clients are looking for a one-stop-shop for their financial needs, we have to find a way to provide that while also complying with regulations.

Jaime Dimon: I think it's important to have a flexible business model that can adapt to changing circumstances. We've seen this in the rise of digital banking and the increasing importance of technology in financial services. Banks that are able to adapt to these changes will be more successful in the long run.

Moderator: Mayer Amschel Rothschild and Giovanni di Bicci de' Medici, your banks were once the largest and most powerful financial institutions in the world, but today they are much smaller in comparison to JP Morgan Chase and other global banking behemoths. What has worked and what hasn't in terms of maintaining longevity, and why do you think your institutions are not as dominant today as they once were?

Mayer Amschel Rothschild: Well, I believe that our bank has always focused on building trust with our clients and providing excellent service. That has been the foundation of our success. However, as the world changed, we failed to adapt quickly enough. We were too slow to embrace new technologies and too conservative in our approach. That's why we're not as large or dominant as we once were.

Giovanni di Bicci de' Medici: I agree with Mayer Amschel Rothschild. Our bank was also built on trust and long-term relationships with our clients. We were successful for centuries, but we also failed to adapt to changing times. We didn't embrace new technologies or explore new markets, and that's why we're not as large today as we once were.

JP Morgan: I think the key to our longevity and success has been our ability to adapt and evolve with the times. We've always been willing to take risks and invest in new technologies and markets. We've also focused on building strong relationships with our clients and providing excellent service. That's why we're still a dominant force in global banking today.

Andrew Mellon: I think it's also important to note that the regulatory environment has changed significantly over the years. The rules and requirements that banks face today are much different than they were in the past, and that has had a significant impact on the size and scale of our institutions.

Sandy Weill: I agree with Andrew Mellon. The regulatory environment has become much more complex and challenging. We've had to invest significant resources in compliance and risk management, which has made it harder for smaller banks to compete.

Jamie Dimon: I think it's also important to acknowledge that size and scale matter in today's global banking environment. Larger banks have significant advantages in terms of resources, talent, and technology. It's harder for smaller banks to compete with that.

Mayer Amschel Rothschild: I agree with Jamie Dimon that size matters, but I also believe that smaller banks can still be successful if they focus on providing excellent service and building strong relationships with their clients. It's not just about size.

Giovanni di Bicci de' Medici: I agree with Mayer Amschel Rothschild. While size is important, it's not the only factor that determines success in banking. Building trust and providing excellent service are also crucial.

Moderator: Moving on to a recent development in the banking world, I would like to get your thoughts on the acquisition of Credit Suisse by UBS following its failure. What impact do you believe this will have on Swiss banking, both at a national and international level?

Mayer Amschel Rothschild: Well, as someone who has been in the banking industry for a long time, I can say that such consolidation is not a new phenomenon. We have seen it happen before, and it is an effective way to manage risk and stabilize the industry. As for its impact on Swiss banking, I believe it will lead to a more concentrated market, which can be both positive and negative. On the one hand, it may lead to greater stability, but on the other hand, it may limit competition and innovation.

JP Morgan: I agree with Rothschild. Consolidation can be a good thing if it is done right. The key is to ensure that there is still competition in the market, which can drive innovation and improve services for customers. As for the impact on Swiss banking, it remains to be seen. There may be some short-term disruptions, but I believe that Switzerland will continue to be a key player in the global banking industry.

Nathan Rothschild: I think it is important to note that the failure of Credit Suisse was not just a Swiss issue, but a global one. It highlights the need for greater regulation and oversight in the industry, to prevent such failures from happening again. As for the acquisition by UBS, I believe it is a necessary step to ensure the stability of the Swiss banking system.

Andrew Mellon: As someone who has seen the impact of a major banking failure in the United States, I agree with Nathan that greater regulation and oversight is necessary. However, I also believe that consolidation can be a double-edged sword. While it may lead to greater stability in the short term, it can also create systemic risks in the long term. It is important to strike a balance between stability and competition.

Sandy Weill: As someone who has been involved in mergers and acquisitions in the past, I believe that the UBS acquisition of Credit Suisse is a smart move. It allows UBS to strengthen its position in the Swiss market and expand its reach globally. However, as others have mentioned, it is important to ensure that there is still competition in the market to drive innovation and benefit customers.

Jaime Dimon: I think the acquisition by UBS is a pragmatic solution to a difficult problem. The failure of Credit Suisse could have had significant repercussions for the Swiss banking system and the global financial markets. However, I also believe that consolidation is not a silver bullet. It is important to focus on risk management, regulatory oversight, and innovation to ensure the long-term stability and success of the banking industry.

Moderator: Thank you, panelists, for your insightful perspectives on the purpose of banking, building trust, and staying competitive in the new banking landscape. We have heard a range of diverse perspectives, and it is clear that there is no one-size-fits-all approach to banking. Rather, banks must develop a comprehensive approach that includes transparency, accountability, risk management, customer service, and innovation to meet the changing needs of clients and remain competitive in the digital age.