# Prof. Thomas Philippon on the financial services industry

1 Faculty News March 13, 2015 ![International Business Times logo](/sites/default/files/styles/246w/public/assets/images/con_031078.jpg?itok=fjxsC0VP)>

Excerpt from [International Business Times](http://www.ibtimes.com/how-does-wall-street-work-only-one-quarter-investment-bank-revenue-comes-activities-1845162) -- "'For a long time, we took for granted that all these activities are useful simply because they exist,' says [Thomas Phillippon](http://w4.stern.nyu.edu/faculty/bio/thomas-philippon), a professor of finance at the New York University Stern School of Business who studies the efficiency of financial services. 'Now we have the challenge of deciding what’s useful or not.'"

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