Angus Finney Just as George Banks, Mary Poppins’ bowler-hatted boss sang nearly 60 years ago, bankers demand “precision” when they go to work.
Without “order” there’s a danger of “chaos and moral disintegration … and a ghastly mess.” Well sung, given that the world today faces existential “disorder” as media and entertainment bank-ers wind their way to the 75th Cannes Film Festival.The past 15 years have already thrown outsized curve balls of their own at bankers and second-tier financiers, including the financial crisis of 2008-09, when the Masters of the Universe suffered from a Marvel-scale crisis — leading to a plethora of bank media and entertainment loan books being closed — and giving rise to a host of second tier financing operations.
Fast forward to March 2020, even before the COVID-19 pandemic shook the globe, and the lending industry saw a range of key players exit the independent sector.
Bank Leumi, First Republic, Pacific Mercantile and Bank Hapoalim all shuttered, following previous casualties such as Royal Bank of Scotland, Standard Chartered and Allied Irish.
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