Nonetheless, the aim of Mr. Kerry's trip to South Korea was to reduce tensions, and South Korea indicated it was willing to try.

WSJ: U.S., South Korea Offer North Talks, and a Warning

Under the second, more desirable outcome, financial intermediation will aim to be more of a service, less of an ego-trip for the participants, and considerably less well paid.

ECONOMIST: The limits to removing banks' conflicts of interest