# Research by Prof. Thomas Philippon finds the financial industry less efficient than in the past

1 May 23, 2012 ![The New York Times Logo](/sites/default/files/styles/246w/public/assets/images/uat_027320.jpg?itok=W8xBr66g)>

Excerpt from [The New York Times](http://www.nytimes.com/2012/05/23/business/big-banks-dont-need-to-be-so-big.html?_r=1) -- "In fact, for all its innovation, the financial industry of today is less efficient than it was in the age of the railway, according to research by [Thomas Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon) at New York University. That is, it charges the rest of society more for financial intermediation than it did 130 years ago."

[Read more](http://www.nytimes.com/2012/05/23/business/big-banks-dont-need-to-be-so-big.html?_r=1)