What was the most shocking thing we have learned about the finance industry, 10 years after the onset of the credit crisis? Was it the absurdly low levels of capital that banks had to hold? Was it the complacent groupthink that gripped the industry and its regulators? Was it the powerful incentives for managements to increase returns at the expense of sane risk management? Or was it the widespread contempt for customers and the norms of basic ethical behaviour?

These were certainly disturbing enough. But just as remarkable has been the evidence of the industry’s bloated inefficiency. And it is this that may have a bigger impact on the shape of finance in the years to come.