There were once three main types of corporate organisation in the financial services industry – the public company, the partnership and the mutual.

Most commercial banks were listed public companies, since only equity markets could provide the capital needed to give security to their deposit base. Most bank shares offered high, stable yields appropriate to a utility. In many respects such equity resembled subordinated debt: the better off customers of the bank were generally well represented on the share register. This structure was destroyed in 2008, when companies such as Citigroup and Royal Bank of Scotland lost almost all their value and most bank dividends ceased.