Friday, June 10, 2022

Mr. Bank Investor, I Have Two Questions

I recently delivered remarks at a bank institutional investor conference titled "Don't Be Mr./Ms. Irrelevant." The conference included a panel of recognizable bank stock investors who waxed eloquent on their criteria for making and maintaining their interest as an investor in your financial institution.

As a follow-up to their remarks, I asked two panelists and an additional institutional investor two questions and got their permission to print their answers for your benefit. Before you browse away because you are not public, or have few institutional investors, know that your relevance depends on how you are perceived by outside stakeholders. And outside stakeholders with money at risk can teach us about value whether or not your financial institution is valued by shareholders every day.

First, here are the investors:



Jim Deutsch, Partner, Patriot Financial Partners. Jim is a 40 year industry veteran that serves on numerous bank boards because Patriot favors making investments where they obtain board seats. Jim led a de novo institution from its birth to an 11-branch, $750 million institution in less than six years. He held various executive positions at recognizable names such as Commerce Bancorp and Summit Bancorp.

Anton Schutz, President and Chief Investment Officer, Mendon Capital Advisors. Anton formed and has led Mendon Capital for over 25 years. He is a regular contributor to CNBC and other respected news outlets on bank stock investing. Prior to starting Mendon he worked for Tucker Anthony Capital Markets working in the banking sector, and before that worked in Structured Derivates at Chase Manhattan. 


Mark Lynch, Retired Partner, Wellington Management
. Mark was a senior financial analyst at Wellington since 1994 and a partner from 1996 until his 2019 retirement. He was also a portfolio manager of mutual funds, hedge funds, and institutional portfolios focused on the banking sector over that period. Prior to Wellington, he was a US regional bank analyst with Lehman Brothers and Bear Stearns. He currently serves on the board of Bermudian bank The Bank of N.T. Butterfield and Son Limited.



Question 1: What is the one thing a bank must have before you consider an investment?


Deutsch: Very hard to say just one thing, so I guess it's management. I believe there are lots of different ways to make money in banking which was evident in the room in Key Largo (bankers at the conference). As important as a core deposit franchise is, the most profitable bank in attendance has the highest cost of deposits. Another that operates above a 15% ROE operates in a state that investors hate and therefore won't buy the stock much above 115% of tangible book value. Some have low loan to deposit ratios and some are over 100%. Some have no branches and some have plenty of them. 

When considering long-term viability, I think the bank has to develop something that others will covet. Most often that is a loyal customer base. Once I acquire loyal customers, then I can use many levers to increase my profitability even if I don't have optimal scale.


Schutz: Strong management with plenty of skin in the game.


Lynch: It's very different for institutional and individual investors. Institutional investors are investing for someone else. The client views it as an asset allocation and has a time frame on average about 18 months and doesn't put much importance on the taxes paid. So, as a manager, you can maybe stretch the (investment) time horizon out to 30 months and with a lack of emphasis on taxes, that means (institutional portfolio) churn is a fact of life. So for the bank, the one important thing is A WAY TO MAKE THE COMPANY MORE PROFITABLE EVERY YEAR.

Retail investors hate paying taxes and hate losing money, particularly since in banking there's little chance of a community bank being the next Microsoft. So (investment) portfolio churn plummets and the importance of a stable underlying business is much higher. So, the one important thing is GROWTH IN CHEAP DEPOSITS as manifestation of a relationship with customers that's based on service rather than price or easy credit.


Question 2: What should every bank's strategy address?


Deutsch: Strategy sessions must include a BRUTALLY honest SWOT analysis which is rarely seen. You think your team is a strength? Really, you have better people than Goldman or JPMorgan? Technology? Really? Better than Amazon or Google or Square (Block)? Strengths have to be measured as something that is top decile, not just better than average. For most community banks, the business products are a commodity that the bank tries to craft into something that looks custom.

What I think many banks often overlook are intangibles that are really valuable and not easily copied. Things like reputation, culture, legacy customers, etc. Those things can be valuable to a significant customer base which can ultimately be sold to an acquirer for a premium (or be used to get premium pricing while the bank operates independently.)

And for any bank that has a large, independent shareholder base, the opportunity to sell the bank (get a better price by trading into a better currency) must be analyzed every year. Directors have to measure the value of independence vs. sale. That is a mathematical analysis, which then has to be judged against short-term and long-term variables.


Schutz: Every public company must justify its independence every day. A well run company does just that. A poorly run company has much more to prove.


Lynch: The strategy part is easy = what sort of customers does (the bank) want to attract and why should those customers choose them over other providers, i.e. what is the bank good at and how do they get paid for that skill?


Questions to consider when crafting and executing strategy.


Hope this has been helpful to you.


~ Jeff


Tuesday, May 31, 2022

Guest Post: 2nd Quarter 2022 Financial Markets and Economic Update by Dorothy Jaworski and Sam Weller

Spring Storms

So far, 2022 has brought one storm after another.  Winter storms became spring storms.  Longer-term rates rose very dramatically as Federal Reserve tightening and decades-high inflation converged.  Supply chain issues are the main culprit behind the huge inflation, and only now is demand beginning to fall to more normal levels.  The Russian-Ukraine conflict and resulting sanctions will exacerbate supply chain issues, especially for food and fuel.  Covid-19 lockdowns in China have cut production of goods and ships are again lined up off the coast of China, meaning long delays in getting products to the US.  Stock markets hit new highs in January and quickly began a long and painful sell-off that has continued into May. 


Bond and stock prices falling together for a sustained period of time is very unusual.  What’s even more unusual is that GDP fell -1.4% in 1Q 2022, showing economic weakness right as the Fed begins its tightening campaign.  Consumers, facing inflation pressures, may cut back on spending on discretionary items.  High mortgage rates will begin to affect the housing markets.  We will face challenges as we move forward:  with interest rates- how high is high, and with stocks- how low is low?

I’m very happy to introduce our guest writer for this quarter.  Sam Weller joined us in November, 2021 and has a strong financial background.  I’m sure you’ll enjoy his insights on the markets and the economy as much as I have.  Take it away, Sam...Dorothy


Sam’s Update

Movie fans are excited to see Tom Cruise fly back onto screens this summer with Top Gun: Maverick, a sequel that comes thirty-six years after the original 1986 blockbuster.  At the time the first Top Gun was released, the average cost of a movie ticket was $3.71, milk was $1.09 per gallon and a gallon of gas was only $0.86. Inflation was less than 2.00% and annual GDP was growing at a healthy 4.2%. Interest rates, however, were much higher – the Fed Funds overnight rate was 6.80%, compared to .80% today. But although interest rates above 4.00% seem like a historical anomaly in today’s low rate environment, the Fed Funds rate in 1986 was significantly lower than it was only a few years below, when Paul Volcker’s Federal Reserve used a series of increases in short-term rates to over 20% as its primary tool to “break the back” of inflation.  While we would not expect today’s rates to get anywhere near those levels, the adjustment of rates from zero to 2% and 3% in a short time period is a large move.


Q1 2022 inflation measured 8.5%, the highest single quarter of inflation growth rate seen since a rate of 8.9% in Q4 1980. Does our current Federal Reserve have the same will to fight inflation that Volcker had in the early 1980s?  Clearly, there is ample room to raise interest rates, and the Federal Reserve has been vocal about their willingness to do so.  They are in a difficult position; although desperate to tame spiking inflation, they begin a cycle of tightening rates in an economy that seems to be shrinking, not growing, which should limit the extent to which they can raise rates.

The first half of 2022 has been marked by extreme volatility.  The 10-year US Treasury ended 2021 at a yield of 1.51%.  As of mid-May 2022, it is currently hovering around the 3.00% mark. At the end of 2021, the 2-year US Treasury was yielding .73% and is currently yielding 2.33% as of mid-May.  Bond investors have priced in a substantial increase to inflationary expectations as they discount both long- and short-ends of the yield curve.

This volatility has not been contained to the bond market; the Dow Jones Industrial Average has shed over 4,000 points, or -11%, since the beginning of 2022, while the S&P 500 return is down -15.6% for the year.  However, all the volatility must be good for some asset classes, correct?  Perhaps a long-term store of value, uncorrelated to the broader markets – something like gold, perhaps, or some of the more stable cryptocurrencies?  Gold prices have remained remarkably…unchanged, beginning the year at $1,829 per oz; as of mid-May gold prices were hovering around $1,850.  However, cryptocurrencies have not fared as well: Bitcoin (BTC) began the year at $47,000+ and has plunged to less than $32,000 per BTC as of mid-May.

Most investors believe that we are in a period of “risk off,” with both equity and fixed income markets uncharacteristically moving in tandem as market participants seem to be selling off both bonds and stocks.

 

Real GDP

The first quarter of 2022 was marked by GDP growth of -1.4%, which was the first non-pandemic related negative GDP growth rate since 2014.  However, after a strong Q4 2021, where real GDP grew +6.9%, this negative growth rate may be a sign of things to come.  In retrospect, examining the high Q4 2021 growth rate shows some potential cracks in the positive façade; 5.0% of the total in Q4 came from growing inventories, and many consumers were already reducing consumption as the effect of monetary stimulus spending during the pandemic began to abate.

Perhaps because of supply chain constraints and inventory challenges, the consumer confidence index remains extremely low going into Q2 2022.  Volatility is high, consumer confidence is low, and it’s very possible that we may see more negative GDP numbers before 2022 is out.

 

Inflation

For the first time in over forty years, investors are looking at the prospect of inflation as a serious threat to future earnings.  The Consumer Price Index, or “CPI,” started 2021 at +1.4% to +1.7%, rose to +5.4% by mid-year, and ended December at +7.3%.  In January, 2022, it rose again to +7.5%, and in March, showed the highest annual inflation increase since 1980 at 8.5%.

For most American consumers, the timing of these inflationary pressures could not come at a worse time: after two years of pandemic-related isolation, many corporate managers (and their landlords!) are serious about getting workers back to the office.  With COVID seemingly receding into the background as an endemic health threat, case rates are dropping in many locations across the country.  The only obstacle to getting workers back in person may be the eye-watering sticker shock of funding the commuter lifestyle.

Consider the cost of a Starbucks Venti Frappuccino: now retailing at $5.25 in most locations, the cost of this massive coffee drink is up $0.50 since the beginning of the pandemic, or an increase of over 10%.  Think that’s bad?  Another commuter necessity – gasoline – hovered at around $2.50 per gallon pre-pandemic while today most drivers aren’t filling up their tank for less than $4.50 per gallon on a good day. Interestingly, although refined gasoline at the pump has commuters screaming “price gouging,” the underlying cost of a barrel of crude oil has steadily risen, from $58 a year ago to $110 today.

The Fed started out by saying inflation was “transitory” but had to admit later it was “persistent.”  Now we will see if the Fed can keep it from becoming “sustained,” which means preventing wage inflation from tight labor markets from filtering into the prices of all goods and services. 

 

The Fed’s Great Expectations

May, 2022 saw the Federal Reserve hike the core Fed Funds overnight rate by fifty basis points, the highest single-meeting rate hike in over two decades.  According to the pricing of the Fed Funds Futures market, the Fed still has a long way to go; traders believe that another 50-basis point rate hike is all but certain in both June and July.  Assuming that’s the case, this summer we will see the Fed Funds overnight target rate at 2.00%, while on our way to the end of our nearly decade long historically low interest rates.

What will the market look like with short-term rates in the 2.00% range?  We know what the Fed hopes will happen: a normalizing of the yield curve, with short-term rates in the 2s and longer-term rates rearranging themselves into a positively sloped yield curve shape that indicates continuing economic strength.  The only problem is, the long end of the curve does not seem to be getting the message yet.  The 10-year US Treasury is currently yielding 2.91% and the 20-year isn’t far behind with a yield of 3.32%.  Clearly investors believe that inflation is a longer-term threat than the Fed would like to believe.

The long-end of the curve has responded first to the Fed’s tightening.  Remember that the 10-year bond is up nearly 150 basis points since the beginning of 2022. However, have long rates gone as high as they can go?  If so, continued Fed tightening will result in the same phenomenon we’ve seen time and again during our historic low rate environment: a flat (or inverted) curve, where investors do not see any appreciable yield pick-up from going out into the longer end of the yield curve.  An inverted yield curve can be a precursor to recessionary conditions.

This is the scenario that the Fed hopes it can avoid.  Raising interest rates at what looks like the outset of a recessionary cycle is a risky move, but rampant inflation has forced the Fed’s hand into raising short-term rates, stopping their bond purchases and reducing the size of their balance sheet. As consumers, we can only hope that it does not tip the scales into additional quarters of negative GDP growth.  After two decades of sedate rate movements and moderate growth, suddenly it’s an exciting market – maybe too exciting.  As they say on the trading floor:  don’t be in a hurry to catch a falling knife. Be careful out there!

 

Sam Weller

5/16/2022




Dorothy Jaworski has worked at large and small banks for over 30 years; much of that time has been spent in investment portfolio management, risk management, and financial analysis. Dorothy has been with Penn Community Bank and its predecessor since November, 2004. She is the author of Just Another Good Soldier, and Honoring Stephen Jaworski, which details the 11th Infantry Regiment's WWII crossing of the Moselle River where her uncle, Pfc. Stephen W. Jaworski, gave his last full measure of devotion.

She also was our guest on my firm's January 2022 podcast, This Month in Banking. To listen to that episode on interest rates and the economy, click here or go to wherever you get your podcasts.


Sam Weller has worked as a banker and consultant to community banks for over 20 years. His career has focused on how banks use capital markets strategies to manage risk and enhance earnings. Sam joined Penn Community Bank in November 2021 and manages the Bank's investment portfolio, as well as contributing to asset-liability analysis, hedging, and other Treasury functions. He holds an MBA from the University of Texas and is a graduate of the U.S. Military Academy at West Point.


Friday, May 27, 2022

Memorial Day: Remember Captain Andy Haldane

Peleliu–an island just six miles long and two miles wide–was held by a garrison of more than 10,000 Japanese troops in 1944. The island’s airfield would allow Japanese planes to threaten any Allied operation in the Philippines, and General Douglas MacArthur pushed for an amphibious attack in order to neutralize this threat. 

Admiral William Halsey reported that enemy resistance in the region was far less than expected; he recommended that the landings in the Palaus be canceled entirely and MacArthur’s invasion of Leyte Gulf (in the Philippines) be moved up to October. MacArthur and Admiral Chester Nimitz followed Halsey’s advice about Leyte, but chose to go ahead with the attack on Peleliu.

On September 15, 1944, U.S. Marines landed on the western Pacific Island. Over the next several weeks, ferocious Japanese resistance inflicted heavy casualties on U.S. troops before the Americans were finally able to secure the island. The controversial attack resulted in the highest death toll than any other amphibious assault in U.S. military history. Approximately 40% of the 28,000 Marines and soldiers that saw action on Peleliu were killed or wounded.


Landing on Peleliu with his fellow Marines was Captain Andrew Haldane, the 27 year old Company K Commander of the 1st Marine Division. Haldane  hailed from Methuen Massachusetts.

Captain Haldane was already a chiseled veteran, having served with distinction on Guadalcanal and Cape Gloucester (New Britain, now Papua New Guinea), where he received his first Silver Star for leading Company K and repelling five Japanese bayonet attacks.

On October 12th Company K was engaged in a fierce battle with enemy troops to take Hill 140. They were holding their line but were pinned down and low in their trenches to avoid enemy sniper fire. This rendered their mortars and machine gun fire ineffective because there was nobody directing the fire, an unacceptable situation to Captain Haldane. He would not ask his men to do something he would not do himself. So he raised his head to gain bearings to pass to machine gunners. At that moment he gave his last full measure of devotion and was killed by an enemy sniper. It was three days before Company K was scheduled to be relieved.

The gruesome details of Haldane’s death were described by mortarman Romus Bergin in Islands of the Damned-Marines at War in the Pacific. The description is too graphic for me to repeat to you. Death in battle is not a Hollywood movie.

For Haldane’s actions, he was awarded a posthumous Silver Star that stated:

"The President of the United States of America takes pride in presenting a Gold Star in lieu of a Second Award of the Silver Star (Posthumously) to Captain Andrew A. Haldane (MCSN: 0-8740), United States Marine Corps Reserve, for conspicuous gallantry and intrepidity as Commanding Officer of Company K, Third Battalion, Fifth Marines, FIRST Marine Division in action against enemy Japanese forces on Peleliu and Ngesebus Islands, Palau Group from 15 September to 12 October 1944. A splendid and fearless leader, Captain Haldane repeatedly led his assault company through intense hostile artillery and small arms fire to rout the enemy from strongly held positions with heavy losses. On 12 October, he personally directed a platoon of his men against a firmly defended cave on an important ridge continuing his heroic efforts until mortally wounded by Japanese sniper fire. By his inspiring courage and disregard for personal safety, Captain Haldane contributed materially to the success of our forces in these strategic areas and his valiant conduct throughout was in keeping with the highest traditions of the United States Naval Service. He gallantly gave his life for his country."


Another Company K mortarman, E.B. Sledge (Sledgehammer), described his company commander as follows:

“Capt. Andy Haldane wasn’t an idol. He was human. But he commanded our individual destinies under the most trying conditions with the utmost compassion. We knew he could never be replaced. He was the finest Marine officer I ever knew. The loss of many close friends grieved me deeply on Peleliu and Okinawa. But to all of us the loss of our company commander at Peleliu was like losing a parent we depended on for security-not our physical security, because we knew that was a commodity beyond our reach in combat, but our mental security.”

~ from With The Old Breed by E.B. Sledge


While you are enjoying Memorial Day Weekend with family and friends, I ask you to remember Andy Haldane and all of his comrades that gave their last full measure of devotion on the inglorious rock called Peleliu.


~ Jeff



Note: I encourage you to watch the 2010 HBO Series The Pacific. Produced by Tom Hanks and Steven Spielberg, and narrated by Hanks. It graphically details the exploits of the 1st Marine Division in the Pacific theater during WWII. It may make you uncomfortable. 


Sources:

https://bowdoinorient.com/2017/12/08/war-hero-andrew-haldane-41-to-be-featured-in-biography/

Battle of Peleliu - HISTORY

Andrew Haldane - Wikipedia

Amazon.com: With the Old Breed: At Peleliu and Okinawa eBook : Sledge, E.B.: Kindle Store

Islands of the Damned: A Marine at War in the Pacific: Burgin, R.V., Marvel, Bill: 9780451232267: Books - Amazon

Andrew Haldane - Recipient - (militarytimes.com)






Saturday, May 21, 2022

Bank Shareholder Succession Matters

I'm growing more concerned about the time and effort by community financial institutions to understand the needs of next generation shareholders and build a strategy around shareholder succession.

I recently met with a former partner at Wellington Management. You may be aware that Wellington is a significant institutional investor in community bank stocks. I wanted to know from him what he thought community banks should do about shareholder succession. Prior to this post I sent the below summary to our thinly traded clients, and I suspect it might be useful to you. Hope it helps.

 

Here is a summary of our conversation, with my comments/ ideas in red.


  1. Hold regular meetings with local wealth managers to generate interest for them to invest their client’s money in your local bank stock. Emphasize that the dividend yield is superior to bonds in many respects (if true) and your bank is more transparent than large banks because the wealth managers can see what you are doing in your communities. (Cocktail hours: Make them feel special. Although any information you give them you would likely have to publicly post.)

 

  1. Offer prizes to shareholders. Use a barcode with your annual report. When they scan you capture their name and how many shares they own and their e-mail. And send them some prize. Keep in mind you might have to do this annually, so perhaps set a minimum of share ownership after year 1 for them to get the prize. This way you have a list of your actual shareholders, including street name, to send periodic information to. (This is to keep an accurate and up-to-date list of your shareholders with contact information so you can maintain consistent communication. Probably should check with SEC counsel first.)

 

  1. Non-Financial: Tell the stories of how you are meaningful to the community and that it does matter that you are part of the community(s). (Give them that feel-good feeling of owning a local stock.)

 

  1. Actually calculate the jobs supported through local lending. Many of us did this for PPP, but did we leverage it well and can we do more of it with our traditional lending. (Can this be executed by having the number of employees of a prospective borrower in the write-up that can be tabulated to tell the story? This might be the same for large bank lending, but my guess is that they are not counting the number of jobs supported in your markets by lending to businesses in them.)

 

  1. Much like we expect our lenders and branch managers to consistently build relationships with customers, consistently build relationships with bank trading shops (including friendly institutional investors) so when shareholder xx passes and the estate has 10k shares, you have multiple people to call. This is beyond going to the institutional investor road shows. This is having people with interest in your stock that you can call when large blocks become available. You know each other by name.

 

  1. Create your own institutional investor: Consider an ESOP. A built-in friendly institutional investor that can purchase blocks of shares that come available and provide a valuable employee benefit that aligns employees with shareholders.

 

  1. Dividends- Emphasize to your shareholders how much in income per year the investment generates (if true) so they think of that investment as an income generator rather than a thinly traded bank stock that they might rather deploy in cryptocurrency. Emphasize how long you’ve paid the dividend and growth rate.

 

  1. Why is marketing un-involved or only tangentially involved with what appears to be a marketing function? Marketing follows regulation in advertising so the skill set of complying with SEC rules should be an easy transition.


9. Make shareholder meeting an event. Perhaps a "state of the community" presentation (who else does this?) that accompanies a "state of the bank." An exclusive event that perhaps non-shareholder would feel they wanted to attend.


What ideas do you have?


~ Jeff


Saturday, April 30, 2022

Commercial Real Estate or Business Lending: Which Is Better?

Me: Commercial Real Estate loans are the most profitable product in a community bank's arsenal and have been through various interest rate environments.


Bank Senior Lender: Not when you consider the whole relationship.


True, it is more likely that a traditional business borrower has a full relationship with their bank than a typical commercial real estate (CRE) borrower. In a world of limited resources, which should you dedicate resources to pursue? This was the conversation I had with a senior lender of a client at the Massachusetts Bankers' Association annual convention.

And after that conversation, I sat in my hotel room thinking about the right answer. Since I rely heavily on data, I poured through my firm's product profitability reports that aggregates the answers from all of our clients. What does a "full relationship" mean? I thought, business loan plus a business checking account. The much sought after "operating account." How do these products perform through different interest rate environments?  

The charts below show the pre-tax profits as a percent of the total product portfolio during different rate scenarios compared to the Fed Funds Rate.




So the answer, from a straight pre-tax profit perspective, is commercial real estate in more recent times and a rising rate environment. In the falling rate environment period between the third quarter of 2007 until the fourth quarter of 2008, when the Fed Funds Rate dropped from 5.25% to zero, you can see from the chart that business checking did quite well in the early quarters because of the lag effect of falling rates on the profitability of non-term deposits. Having a Fed Funds Rate of 5.25% bolsters deposit profitability, as the chart demonstrates. By the time the FF hit zero at the end of 2008, CRE was the last product standing. It would have been more profitable if not for the heavy loan loss provisioning as the economy teetered. Zero rates bolsters the value of loan products as funding costs decline.

But what of the relationship? Take a more normal rate scenario at the end of 2018, when FF stood at 2.50%. The math is in the tables below.


All data are from my firm's product profitability database.

CRE still wins. Why? Two reasons, in my opinion: average balance per account, and operating expense per account. Banking is mostly a spread business, and if you are generating the same spread through a $216,732 balance account versus a $589,949 average balance account, as they were in 2018, then the larger balance account wins. Especially if it takes a similar effort to originate and maintain the account.

In spite of these numbers, I agree with my client that the total relationship commercial loan and business checking customer is more valuable. Just not necessarily more profitable. And banks should determine their "why" and set about to change it.

In the above case, there are multiple levers to press. Lever one, increase the average balance of commercial loans to drive greater spread dollars. This could be through industry specialization, focusing on those that carry greater average balances or utilize their lines of credit with greater frequency. It could be through cost by automating decisioning for smaller loans or, for example, using AI to perform annual reviews or do them bi-annually for loans that meet certain criteria. 

Another consideration to improving the profitability of commercial loans is to perform a risk-based equity allocation. I understand this is financial alchemy, but most of our clients allocate more capital to the business loan because it has less reliable collateral. But commercial loans, if analyzed for total risk (not just credit risk), also are typically less risky for interest rate and liquidity risks. A bank that takes a complete view of the risk and therefore the equity needed to support each product type might determine that a commercial loan might require less capital than a CRE loan. 

Deposit profitability suffers in a zero rate environment because we are simply not generating enough spread to cover costs. But in a more normalized environment, such as 4Q18, it was profitable and profits were trending better. The pre-tax ROA might not look great. Because there is little credit risk to the product it requires little equity to account for interest rate, liquidity, and operational risk. This creates a stellar PT ROE, the best of the three products measured here.

So even though CRE remains the most profitable product to a community bank, it is not necessarily the most valuable. But we have work to do.


~ Jeff









Thursday, April 14, 2022

The Mother List of All Banking Books

Two hundred and forty three. That's the number of books in John Maxfield's banking book library. How do I know? He sent me his list.

First he had to download some obscure app that must read bindings. If you knew John, you can see him promenading down his bookshelf, phone in hand, camera at the ready. Why do it?

He was curating a library for a bank, of course. Doesn't your bank have a bank book library? Interesting idea. He didn't tell me the bank. 

Two hundred and forty three books. I bet he read them all. It oozes out of him in his writings and in his conversations. Don't take my word for it, follow him at his website, Maxfield On Banks. Or read him in Bank Director magazine. 

He sent me this list because I am appreciative to be on it. I published it with his permission. Because even if you're not curating your own library, his prescribed reading list is better than a five-star review. 


Books are in author last-name order. If you have difficulty reading I suggest zooming your browser. Because it's a library's worth of books!


Author

Author 2

TITLE

YEAR*

James R. Adams

Adams, James R.

The Big Fix: Inside the S&L Scandal — How an Unholy Alliance of Politics and Money Destroyed America's Banking System

1990

Anat Admati

Admati, Anat

The Bankers' New Clothes: What's Wrong with Banking and What to Do about It

2014

Liaquat Ahamed

Ahamed, Liaquat

Lords of Finance: The Bankers Who Broke the World

2009

Frederick Lewis Allen

Allen, Frederick Lewis

The Big Change: America Transforms Itself, 1900-1950

1993

Frederick Lewis Allen

Allen, Frederick Lewis

Only Yesterday: An Informal History of the 1920s

2010

John Allison

Allison, John

The Financial Crisis and the Free Market Cure: Why Pure Capitalism is the World Economy's Only Hope

2012

John Allison

Allison, John

The Leadership Crisis and the Free Market Cure: Why the Future of Business Depends on the Return to Life, Liberty…

2014

Philip Augar

Augar, Philip

The Bank That Lived a Little: Barclays in the Age of the Very Free Market

2019

Walter Bagehot

Bagehot, Walter

Lombard Street: A Description of the Money Market

2020

Sheila Bair

Bair, Sheila

Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself

2012

Tamal Bandyopadhyay

Bandyopadhyay,  Tamal

HDFC Bank 2.0

2019

Mehrsa Baradaran

Baradaran, Mehrsa

The Color of Money: Black Banks and the Racial Wealth  Gap

2019

Neil Barofsky

Barofsky, Neil

Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street

2012

Patricia Beard

Beard, Patricia

Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley

2007

Ben S. Bernanke

Bernanke, Ben S.

Essays on the Great Depression

2004

Ben S. Bernanke

Bernanke, Ben S.

21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19

2022

Ben S. Bernanke

Bernanke, Ben S.

Firefighting: The Financial Crisis and Its Lessons

2019

Ben S. Bernanke

Bernanke, Ben S.

The Courage to Act: A Memoir of a Crisis and Its Aftermath

2015

Peter L. Bernstein

Bernstein, Peter L.

A Primer on Money, Banking, and Gold

2008

Cordelia Frances Biddle

Biddle, Cordelia Frances

Biddle, Jackson, and a Nation in Turmoil: The Infamous Bank War

2021

Alan S. Blinder

Blinder, Alan S.

After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead

2013

Board of Governors of the Federal Reserve

Board of Governors of the Federal Reserve

Federal Reserve System: Its Purposes and Functions

2021

Vince Boberski

Boberski, Vince

Community Banking Strategies: Steady Growth, Safe Portfolio Management, and Lasting Client Relationships

2010

Nick Bodemer

Bodemer, Nick

Boxing the Space Needle: A History of the Seattle-First National Bank Building

2017

Anne Boden

Boden, Anne

Banking on It: How I Disrupted an Industry

2020

Howard  Bodenhorn

Bodenhorn, Howard

A History of Banking in Antebellum America: Financial Markets and Economic Development in an Era of Nation-Building

2000

Howard  Bodenhorn

Bodenhorn, Howard

State Banking in Early America: A New Economic History

2002

Felice A. Bonadio

Bonadio, Felice A.

A. P. Giannini: Banker of America

1994

Richard X. Bove

Bove, Richard X.

Guardians of Prosperity: Why America Needs Big Banks

2013

John F. Bovenzi

Bovenzi, John F.

Inside the FDIC: Thirty Years of Bank Failures, Bailouts, and Regulatory Battles

2015

Louis D. Brandeis

Brandeis, Louis D.

Other People's Money and How the Bankers Use It

1914

John Brooks

Brooks, John

The Go-Go Years: The Drama and Crashing Finale of Wall Street's Bullish 60s

2014

Connie Bruck

Bruck, Connie

The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders

1989

Robert F. Bruner

Bruner, Robert F.

The Panic of 1907: Lessons Learned from the Market's Perfect Storm

2009

Lowell L. Bryan

Bryan, Lowell L.

Bankrupt: Restoring the Health and Profitability of Our Banking System

1991

Lowell L. Bryan

Bryan, Lowell L.

Breaking Up the Bank: Rethinking an Industry Under Seige

1988



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Anne Burns

Burns, Anne

Time Well Kept (Selections From the Wells Fargo Corporate Archives)

2011

Anna Robeson Brown Burr

Burr, Anna Robeson Brown

The Portrait of a Banker: James Stillman, 1850-1918

2012

Bryan Burrough

Burrough, Bryan

Barbarians at the Gate: The Fall of RJR  Nabisco

1990

Bryan Burrough

Burrough, Bryan

Vendetta: American Express and the Smearing of Edmond Safra

1992

Charles W. Calomiris

Calomiris, Charles W.

Fragile by Design: The Political Origins of Banking Crises and Scarce Credit

2014

Duncan Campbell-Smith

Campbell-Smith, Duncan

Crossing Continents: A History of Standard Chartered Bank

2021

Stephen Campbell

Campbell, Stephen

The Bank War and the Partisan Press: Newspapers, Financial Institutions, and the Post Office in Jacksonian America

2019

David Cannadine

Cannadine, David

Mellon: An American Life

2008

Edna Carew

Carew, Edna

Westpac: The Bank that Broke the Bank

1997

Simon Carswell

Carswell, Simon

Anglo Republic: Inside the Bank the Broke Ireland

2011

Dana Haight Cattani

Cattani, Dana Haight

A. P. Giannini: The Man with the Midas Touch

2009

Edward Chancellor

Chancellor, Edward

Devil Take the Hindmost: A History of Financial Speculation

2000

Dr. Robert J. Chandler

Chandler, Dr. Robert J.

Wells Fargo: Images of  America

2006

Chemical Corn Exchange Bank

Chemical Corn Exchange Bank

History of the Chemical Bank: 1823-1913

2018

Ron Chernow

Chernow, Ron

The Warburgs: The Twentieth-Century Odyssey of a Remarkable Jewish Family

2016

Ron Chernow

Chernow, Ron

The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance

2010

Ron Chernow

Chernow, Ron

The Death of the Banker: The Decline and Fall of the Great Financial Dynasties and the Triumph of the Small Investor

1997

Bernard F. Clark

Clark, Bernard F.

Oil Capital: The History of American Oil, Wildcatters, Independents and Their Bankers

2016

Dwight L. Clarke

Clarke, Dwight L.

William Tecusch Sherman Gold Rush Banker

1969

Harold van B. Cleveland

Cleveland, Harold van B.

Citibank, 1812-1970

1985

 

C. R. "Rusty" Cloutier

 

Cloutier, C.R. "Rusty"

Big Bad Banks: How Greed and Ego Among the Big Shots in Banking and Government Created the Crisis that Wrecked Our Economy

 

2009

William  D. Cohan

Cohan, William D.

Money and Power: How Goldman Sachs Came to Rule the World

2011

William  D. Cohan

Cohan, William D.

House of Cards: A Tale of Hubris and Wretched Excess on Wall Street

2009

William  D. Cohan

Cohan, William D.

The Last Tycoons: The Secret History of Lazard Frères & Co.

2008

Richard P. Cooley

Cooley, Richard P.

Searching Through My Prayer List: A Memoir about Family, Career, and a Meaningful Retirement

2010

Gregory Corso

Corso, Gregory

The American Express

2015

Howard E. Covington

Covington, Howard E.

The Story of Nationsbank: Changing the Face of American Banking

1993

Patricia Crisafulli

Crisafulli, Patricia

The House of Dimon: How JPMorgan's Jamie Dimon Rose to the Top of the Financial World

2009

Julian Dana

Dana, Julian

A. P. Giannini: Giant in the West

1947

Raymond P. Davis

Davis, Raymond P.

Leading for Growth: How Umpqua Bank Got Cool and Created a Culture of Greatness

2007

Raymond P. Davis

Davis, Raymond P.

Leading Through Uncertainty: How Umpqua Bank Emerged from the Great Recession Bigger and Stronger than Ever

2013

Kathleen Day

Day, Kathleen

S&L Hell: The People and the Politics Behind the $1 Trillion Savings and Loan Scandal

1993

Denver National Bank

Denver National Bank

After Forty Years: Historical and Biographical Sketches of the Founders and Directors of the Denver National Bank

2013

Frances Dinkelspiel

Dinkelspiel, Frances

Towers of Gold: How One Jewish Immigrant Named Isaias Hellman Created California

2010

Jack & Roy Dinsdale

Dinsdale, Jack & Roy

Letting the Fences Go: Recollections of Family, Youth and Business

2000


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Darrell Duffie

Duffie, Darrell

How Big Banks Fail and What to Do about It

2010

Nicholas Dungan

Dungan, Nicholas

Gallatin: America’s Swiss Founding Father

2010

Charles D. Ellis

Ellis, Charles D.

The Partnership: The Making of Goldman Sachs

2008

David Enrich

Enrich, David

Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction

2020

Greg Farrell

Farrell, Greg

Crash of the Titans: Greed, Hubris, the Fall of Merrill Lynch, and the Near-Collapse of Bank of America

2010

Federal Deposit Insurance Corp.

Federal Deposit Insurance Corp.

History of the Eighties: An Examination of the Banking Crises of the 1980s and Early 1990s (Volumes 1 & 2)

1997

Federal Deposit Insurance Corp.

Federal Deposit Insurance Corp.

Crisis and Response: An FDIC History, 2008-2013

2017

Niall Ferguson

Ferguson, Niall

High Financier: The Lives and Time of Siegmund Warburg

2010

Niall Ferguson

Ferguson, Niall

The House of Rothschild: Volume 2

2000

Niall Ferguson

Ferguson, Niall

The House of Rothschild: Volume 1

1999

Niall Ferguson

Ferguson, Niall

The Ascent of Money: A Financial History of the World

2008

 

Financial Crisis Inquiry Commission

 

Financial Crisis Inquiry Commission

The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States

 

2011

 

Philip L. Fradkin

 

Fradkin, Philip L.

Stagecoach: Book One, Wells Fargo and the American West; Book Two, Wells Fargo and the Rise of the American Financial Services Industry

 

2002

Ian Fraser

Fraser, Ian

Shredded: Inside RBS — The Bank That Broke Britain

2021

James Freeman

Freeman, James

Borrowed Time: Two Centuries of Booms, Busts, and Bailouts at Citi

2018

Milton Friedman

Friedman, Milton

A Monetary History of the United States, 1867-1960

2008

John Kenneth Galbraith

Galbraith, John Kenneth

A Short History of Financial Euphoria

1994

John Kenneth Galbraith

Galbraith, John Kenneth

The Great Crash 1929

1988

Lothar Gall et. al

Gall, Lothar et. al

The Deutsche Bank, 1870-1995

1995

Shennette Garrett-Scott

Garrett-Scott, Shennette

Banking on Freedom: Black Women in U.S. Finance Before the New Deal

2019

Timothy F. Geithner

Geithner, Timothy F.

Stress Test: Reflections on Financial Crises

2014

Carter H. Golembe

Golembe, Carter H.

But I Never Made a Loan: My Career in Banking — The Early Years

2009

Gary B. Gorton

Gorton, Gary B.

The Maze of Banking: History, Theory, Crisis

2015

Gary B. Gorton

Gorton, Gary B.

Misunderstanding Financial Crises: Why We Don't See Them Coming

2012

James Grant

Grant, James

Money of the Mind: Borrowing and Lending in America from the Civil War to Michael Milken

1992

James Grant

Grant, James

The Forgotten Depression: 1921 — The Crash That Cured Itself

2014

James Grant

Grant, James

Bagehot: The Life and Times of the Greatest Victorian

2019

Joseph M. Grant

Grant, Joseph M.

The Great Texas Banking Crash: An Insider's Account

1996

Howard Green

Green, Howard

Banking On America: How TD Bank Rose to the Top and Took on the U.S.A.

2013

Joshua R. Greenberg

Greenberg, Joshua R.

Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic

2020

Alan Greenspan

Greenspan, Alan

The Age of Turbulence: Adventures in a New World

2007

William Greider

Greider, William

Secrets of the Temple: How the Federal Reserve Runs the Country

1989

G. Edward Griffin

Griffin, G. Edward

The Creature from Jekyll Island: A Second Look at the Federal Reserve

2010

Kirsten Grind

Grind, Kirsten

The Lost Bank: The Story of Washington Mutual-The Biggest Bank Failure in American History

2012

Peter Z. Grossman

Grossman, Peter Z.

American Express: The Unofficial History of the People Who Built the Great Financial Empire

1987


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Ben Haller

Haller, Ben

A History of Banking in Nebraska, 1854-1990

1990

Bray Hammond

Hammond, Bray

Banks and Politics in America from the Revolution to the Civil War

1991

Gary Hector

Hector, Gary

Breaking the Bank: The Decline of Bankamerica

1988

Christopher Hibbert

Hibbert, Christopher

The House of Medici: Its Rise and Fall

1999

 

Luther H. Hodges Jr.

 

Hodges, Luther H.

Bank Notes: An Inside Look at the Launching of North Carolina's Banking Ascendancy and a Commentary on the Current New World of Banking

 

2016

J. T. W. Hubbard

Hubbard, J. T. W.

For Each the Strength of All: A History of Banking in New York State

1995

Philip G. Hubert

Hubert, Philip G.

The Merchants' National Bank of the City of New York: A History of Its First Century

2019

Edward  Hungerford

Hungerford,  Edward

Wells Fargo: Advancing the American Frontier

1949

Icon Group International

Icon Group International

Citibank: Webster's Timeline History, 1894 - 2007

2010

William M. Isaac

Isaac, William M.

Senseless Panic: How  Washington Failed America

2012

F. Cyril James

James, F. Cyril

The Growth of Chicago Banks: Volumes 1 & 2

1938

Marquis James

James, Marquis

Biography of a Bank: The Story of Bank of America N.T. & S.A.

1954

Simon Johnson

Johnson, Simon

13 Bankers: The Wall Street Takeover and the Next Financial Meltdown

2010

Moira Johnston

Johnston, Moira

Roller Coaster: The Bank of America and the Future of American Banking

1990

Billy M. Jones

Jones, Billy M.

The Chandlers of Kansas: A Banking Family

1983

Jesse H. Jones

Jones, Jesse H.

Fifty Billion Dollars: My Thirteen Years with the RFC, 1932-1945

1951

Matthew Josephson

Josephson,  Matthew

The Money Lords

1972

Paul Kahan

Kahan, Paul

The Bank War: Andrew Jackson, Nicholas Biddle, and the Fight for American Finance

2015

Zachary Karabell

Karabell, Zachary

Inside Money: Brown Brothers Harriman and the American Way of Power

2021

Kate Kelly

Kelly, Kate

Street Fighters: The Last 72 Hours of Bear Stearns, the Toughest Firm on Wall Street

2009

Daniel C. Kibbie

Kibbie, Daniel C.

Their Bank, Our Bank, the Quality Bank: A History of the First Interstate Bank of California

1982

Kerry Killinger

Killinger, Kerry

Nothing is Too Big to Fail: How the Last Financial Crisis Informs Today

2021

Charles P. Kindleberger

Kindleberger, Charles P.

The World in Depression, 1929–1939

2013

Charles P. Kindleberger

Kindleberger, Charles P.

Manias, Panics, and Crashes: A History of Financial Crises

2005

John Jay Knox

Knox, John Jay

A History of Banking in the United States

2017

Timothy Koch

Koch, Timothy

Bank Management (8th ed.)

2014

John A. Kouwenhoven

Kouwenhoven, John A.

Partners in Banking: An Historical Portrait of a Great Private Bank, Brown Brothers Harriman & Co., 1818-1968

1968

Niels Kroner

Kroner, Niels

A Blueprint for Better Banking: Svenska Handelsbanken and a proven model for post-crash banking

2009

David Kynaston

Kynaston, David

The Lion Wakes: A Modern History of HSBC

2015

Edward M. Lamont

Lamont, Edward M.

The Ambassador from Wall Street: The Story of Thomas W. Lamont, J.P. Morgan's Chief Executive

1993

Thomas W. Lamont

Lamont, Thomas W.

Henry P Davison: The Record of a Useful Life

2015

Hope Lampert

Lampert, Hope

Behind Closed Doors: Wheeling and Dealing in the Banking World

1986

Monica Langley

Langley, Monica

Tearing Down the Walls: How Sandy Weill Fought His Way to the Top of the Financial World . . . and Then Nearly Lost It All

2003

David Leinsdorf

Leinsdorf, David

Citibank: Ralph Nader's Study Group Report on First National City Bank

1971

Michael Lewis

Lewis, Michael

Liar's Poker

2010


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Michael Lewis

Lewis, Michael

Boomerang: Travels in the New Third World

2012

Michael Lewis

Lewis, Michael

The Big Short: Inside the Doomsday Machine

2010

Sheridan A. Logan

Logan, Sheridan A.

George F. Baker and His Bank, 1840-1955: A Double Biography

1981

Roger Lowenstein

Lowenstein, Roger

America's Bank: The Epic Struggle to Create the Federal Reserve

2015

Roger Lowenstein

Lowenstein, Roger

Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War

2022

Vicki A. Mack

Mack, Vicki A.

Frank A. Vanderlip: The Banker Who Changed America

2013

Charles Mackay

Mackay, Charles

Extraordinary Popular Delusions & the Madness of Crowds

1995

Maggie Mahar

Mahar, Maggie

Bull: A History of the Boom and Bust, 1982-2004

2004

Sebastian Mallaby

Mallaby, Sebastian

The Man Who Knew: The Life and Times of Alan Greenspan

2016

Steven G. Mandis

Mandis, Steven G.

What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences

2013

Elliot Marple

Marple, Elliot

The National Bank of Commerce of Seattle, 1889-1969: Territorial to Worldwide Banking in Eighty Years

1972

Jeffrey Marsico

Marsico, Jeffrey

Squared Away: How Can Bankers Succeed as Economic First Responders

2021

Martin Mayer

Mayer, Martin

The Bankers: The Next Generation

1997

Martin Mayer

Mayer, Martin

The Greatest-Ever Bank Robbery: The Collapse of the Savings and Loan Industry

1990

Martin Mayer

Mayer, Martin

The Bankers

1974

James P McCollom

McCollom, James P

The Continental Affair: The rise and Fall of the Continental Illinois Bank

1987

John B. McCoy

McCoy, John B.

Here's the Deal: How the McCoys Built America's Most Admired Bank One Acquisition at a Time

2018

John B. McCoy

McCoy, John B.

Bottomline Banking: Meeting the Challenges for Survival & Success

1993

Thomas K. McCraw

McCraw, Thomas K.

The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy

2012

Richard T McCulley

McCulley, Richard T

Banks and Politics During the Progressive Era

2014

Duff McDonald

McDonald, Duff

Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase

2010

Lawerence G. McDonald

McDonald, Lawrence G.

A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers

2010

Bethany McLean

McLean, Bethany

All the Devils Are Here: The Hidden History of the Financial Crisis

2011

Perry Mehrling

Mehrling, Perry

The New Lombard Street: How the Fed Became the Dealer of Last Resort

2010

Members of the New York Press

Members of the New York Press

A Brief Popular Account of All the Financial Panics and Commercial Revulsions in the United States, 1690-1857

2018

Laurence H. Meyer

Meyer, Laurence H.

A Term at the Fed: An Insider's View

2004

John Moody

Moody, John

The Masters of Capital: A Chronicle of Wall Street

2012

George S. Moore

Moore, George S.

The Banker's Life

1987

Sharon Ann Murphy

Murphy, Sharon A.

Other People's Money: How Banking Worked in the Early American Republic

2017

Allen Nevins

Nevins, Allen

History of the Bank of New York and Trust Company, 1784-1934

2006

George A. Newbury

Newbury, George A.

A Story Of Men, A Frontier City, and A Bank: Manufacturers & Traders Trust Company, 1856-1956

2013

James O'Shea

O'Shea, James

The Daisy Chain: How Borrowed Billions Sank a Texas S&L

1991

Franklin Parker

Parker, Franklin

George Peabody, a Biography

1971

Henry M. Paulson

Paulson, Henry M.

On the Brink: Inside the Race to Stop the Collapse of the Global Financial System

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Stephen Pizzo

Pizzo, Stephen

Inside Job: The Looting of America's Savings and Loans

1991

Werner Plumpe

Plumpe, Werner

Deutsche Bank: The Global Hausbank, 1870-2020

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Nomi Prins

Prins, Nomi

All the Presidents' Bankers: The Hidden Alliances that Drive American Power

2015

Barry L Provorse

Provorse, Barry L

Banking on Independence: The First Century of Puget Sound Bancorp

1990

Binfords and Mort Publisher

Binfords and Mort Publisher

The United States National Bank of Portland, Oregon

2013

Fritz Redlich

Redlich, Fritz

The Molding of American Banking: Men and Ideas, 1781-1910

2012

Cary Reich

Reich, Cary

Financier, The Biography of Andre Meyer: A Story of Money, Power, and the Reshaping of American Business

1983

Carmen M. Reinhart

Reinhart, Carmen M.

This Time Is Different: Eight Centuries of Financial Folly

2011

Robert V. Remini

Remini, Robert V.

Andrew Jackson and the Bank War

1967

Alasdair Roberts

Roberts, Alasdair

America's First Great Depression: Economic Crisis and Political Disorder after the Panic of 1837

2013

Michael A. Robinson

Robinson, Michael A.

Overdrawn: The Bailout of American Savings

1990

David Rockefeller

Rockefeller, David

Memoirs

2003

Felix G. Rohatyn

Rohatyn, Felix G.

Dealings: A Political and Financial Life

2010

Walter S. Ross

Ross, Walter S.

People's Banker: The Story of Arthur T. Roth and the Franklin National Bank

1987

E. Michael Rosser

Rosser, E. Michael

A History of Mortgage Banking in the West: Financing America's Dreams

2018

Benjamin Roth

Roth, Benjamin

The Great Depression: A Diary

2010

Rick Rothacker

Rothacker, Rick

Banktown: The Rise and Struggles of Charlotte's Big Banks

2010

Anthony Sampson

Sampson, Anthony

The Money Lenders: Bankers and a World in Turmoil

2013

Nicholas P. Sargen

Sargen, Nicholas P.

JPMorgan’s Fall and Revival: How the Wave of Consolidation Changed America’s Premier Bank

2020

Shelby Scates

Scates, Shelby

Firstbank: The Story of Seattle-First National Bank

1970

Brent Schondelmeyer

Schondelmeyer, Brent

Building a First Class Bank: The Story of United Missouri Bank

1986

Fred Schwed

Schwed, Fred

Where Are the Customers' Yachts?: Or A Good Hard Look at Wall Street

2006

William Seidman

Seidman, William

Full Faith and Credit: The Great S&L Debacle and Other Washington Sagas

1993

Robert J. Shiller

Shiller, Robert J.

Irrational Exuberance

2006

William  L. Silber

Silber, William L.

Volcker: The Triumph of Persistence

2012

Claude Singer

Singer, Claude

U.S. National Bank of Oregon and U. S. Bancorp 1891-1984

1984

Mark Singer

Singer, Mark

Funny Money

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George Richard Slade

Slade, George Richard

Banking in the Great Northern Territory: An Illustrated History

2005

Greg Smith

Smith, Greg

Why I Left Goldman Sachs: A Wall Street Story

2012

Robert H. Smith

Smith, Robert H.

Bye Bye Banks: The End of Community Banking as an Engine of Economic Growth

2010

Robert H. Smith

Smith, Robert H.

Dead Bank Walking: One Gutsy Bank's Struggle for Survival and the Merger that Changed Banking Forever

2010

Winthrop H. Smith Jr.

Smith, Winthrop H.

Catching Lightning in a Bottle: How Merrill Lynch Revolutionized the Financial World

2013

Robert Sobel

Sobel, Robert

Panic on Wall Street: A History of America's Financial Disasters

1999

 

Andrew Ross Sorkin

 

Sorkin, Andrew Ross

Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System — and Themselves

 

2009

Robert Spector

Spector, Robert

Banking Without Boundaries: A History of Security Pacific Bank Washington

1989

John Sperling

Sperling, John

GREAT DEPRESSIONS: 1837-1844, 1893-1896, 1929-1939

1966

Joan Edelman Spero

Spero, Joan Edelman

The Failure of the Franklin National Bank: Challenge to the International Banking System

1999


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Irvine H. Sprague

Sprague, Irvine H.

Bailout: An Insider's Account of Bank Failures and Rescues

1986

Agnes Wright Spring

Spring, Agnes Wright

The First National Bank of Denver: The Formative Years, 1860-1865

1960

Benn Steil

Steil, Benn

The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order

2013

James B. Stewart

Stewart, James B.

Den of Thieves

1991

Walter Stewart

Stewart, Walter

Towers of Gold, Feet of Clay: The Canadian banks

1982

Joseph E. Stiglitz

Stiglitz, Joseph E.

The Roaring Nineties: A New History of the World's Most Prosperous Decade

2004

Amey Stone

Stone, Amey

King of Capital: Sandy Weill and the Making of Citigroup

2002

Jean Strouse

Strouse, Jean

Morgan: American Financier

1999

 

Gillian Tett

 

Tett, Gillian

Fool's Gold: The Inside Story of J.P. Morgan and How Wall St. Greed Corrupted Its Bold Dream and Created a Financial Catastrophe

 

2010

Tim Todd

Todd, Tim

Confidence Restored: The History of the Tenth District's Federal Reserve Bank

2008

Joseph B. Treaster

Treaster, Joseph B.

Paul Volcker: The Making of a Financial Legend

2005

John D. Turner

Turner, John D.

Boom and Bust: A Global History of Financial Bubbles

2020

Francesca Valente

Valente, Francesca

A. P. Giannini: The People's Banker

2018

Frank A. Vanderlip

Vanderlip, Frank A.

From Farm Boy To Financier

2017

Paul M. Warburg

Warburg, Paul M.

The Federal Reserve System and the Banks

2012

Bruce Wasserstein

Wasserstein, Bruce

Big Deal: 2000 And Beyond

2000

Joseph Wechsberg

Wechsberg, Joseph

The Merchant Bankers

2014

Sandy Weill

Weill, Sandy

The Real Deal: My Life in Business and Philanthropy

2006

Ben Ames Williams

Williams, Ben Ames

Bank of Boston 200: A history of New England's leading bank, 1784- 1984

1984

George Wilson

Wilson, George

Stephen Girard: The Life and Times of America's First  Tycoon

1996

John Donald Wilson

Wilson, John Donald

The Chase: The Chase Manhattan Bank, N.A., 1945-85

1986

Martin Wolf

Wolf, Martin

The Shifts and the Shocks: What We've Learned — and Have Still to Learn — from the Financial Crisis

2014

Arthur M. Woodford

Woodford, Arthur M.

Detroit and Its Banks: The Story of Detroit Bank & Trust

1974

Bob Woodward

Woodward, Bob

Maestro: Greenspan's Fed And The American Boom

2000

Robert Wright

Wright, Robert

Genealogy of American Finance

2015

Robert E. Wright

Wright, Robert E.

Financial Founding Fathers: The Men Who Made America Rich

2006

Walter B. Wriston

Wriston, Walter B.

Risk & Other Four-Letter Words

1986

Ross Yockey

Yockey, Ross

McColl: The Man with America's Money

1999

Philip Ziegler

Ziegler, Philip

The Sixth Great Power: A History of One of the Greatest of All Banking Families, The House of Barings, 1762-1929

1988

Phillip L. Zweig

Zweig, Phillip L.

Wriston: Walter Wriston, Citibank, and the Rise and Fall of American Financial Supremacy

1996

Phillip L. Zweig

Zweig, Phillip L.

Belly Up: The Collapse of the Penn Square Bank

1986