Jonathan McMillan

Jonathan McMillan is a pseudonym for two authors with expertise in economics and finance. One works in the investment banking division of a global bank. He has first-hand insight into the workings of the financial centers of London and New York. The other chose an academic path; he holds an M.Phil. in economics from the University of Cambridge and a Ph.D. in economics from the Swiss Federal Institute of Technology, ETH Zurich. He is an economics editor at Neue Zürcher Zeitung, the Swiss newspaper of record.

Foto: Goran Basic

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Jonathan McMillan The End of Banking

Money, Credit, and the Digital Revolution

Zero/One Economics 2014, 232 pp

Business, Current Affairs


Corpus Books (AST)
Spain (Spanish world)
Taurus (Penguin/Random House Spain)
Companhia das Letras
J.C. Lattes
China (simplified)


The End of Banking rose to prominence among financial specialists through a cover-story feature in Wilmott Magazine, a Wiley publication targeted at financial experts. Having been presented at various conferences, talks, and lectures in the US, Europe and Africa, the book has also enthralled the blogosphere and the Fintech industry community. Ryan Weeks from AltFi calls it «a trailblazing book», and Emmanuel Marot, the CEO of Lending Robot notes that «this brilliant book is a must read for anyone interested in the future of finance».

The End of Banking explains why a financial system without banking is both desirable and possible in the digital age. It distinguishes itself from other books about the financial crisis of 2007-08 in several ways. First, it reveals the common techniques that underlie all forms of banking - from medieval goldsmiths to today’s managers at investment banks. Second, it offers a lucid and accessible account of shadow banking. Third, and critically, it presents a new and intuitive idea of how the financial system must adapt to the digital age.

Short update 2018 in German available