Guess what year the following words were published: "Today, banks are under siege. … A new technology for lending … threatens the industry's very franchise."

If you guessed 2015, that's certainly reasonable, but also off by a millennial lifetime. Those words come from a 1988 book called "Breaking Up the Bank," in which Lowell L. Bryan, then a McKinsey consultant, argued that the industry should "unbundle, or break apart, the bank into its component functions," with each line of business legally separated from and unsubsidized by the others. (The technology he deemed threatening was securitization, then in its infancy.)

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