This one week immersion seminar provides a broad-based understanding of the financial services industry and considers fundamental questions about its future. Although those perspectives are based upon global and historical understanding, we take advantage of our New York City location by focusing on particular aspects of today’s New York financial institutions.
Financial services is an industry in the midst of dynamic change at all levels. Structure and performance are presently being influenced deeply by public policy and regulatory changes. The future is promising significant disruption (creative destruction), especially in the context of new technological applications and demographic shifts that will change the ways that financial services are delivered. Declines in average returns (from over 20% in the early 2000s) are applying competitive pressure that will hasten the transformation of the industry. A robust financial sector remains at the heart of the U.S. economy, and all other successful developed and developing economies. This course will define today’s influences with an emphasis on the opportunities and perils that lie ahead. The course takes the form of an interactive dialogue, which combines academic analysis with practitioner perspectives about current operation, trends, and changes afoot. Practitioners will visit our class, and we will make site visits to their firms. There will be two or three interactions per day with practitioners. The class is limited to 30 students to facilitate our daily mobility
Henry Kaufman Professor of Financial Institutions
Charles W. Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School, Director of the Business School’s Program for Financial Studies Initiative on Finance and Growth in Emerging Markets, and a professor at Columbia’s School of International and Public Affairs. His research spans the areas of banking, corporate finance, financial history, and monetary economics. He is a Distinguished...