5 Books on How Banks Work To Unravel the Financial World

Banks play a vital service in our lives by providing financial services that make our lives easier. Despite this, many still don’t understand how banks work. To help you, we’ve listed the five best books on how banks work to fix this issue.

These books ask questions like how banks earn a profit, the function of central banks, and the result of the failure of banks. You need to review the books to learn the answers to the questions mentioned.

List of 5 Best Books on How Banks Work

Banks are financial institutions that play a significant role in our lives even when we don’t notice. We need them to buy our homes, cars, and whatnot. But a lot of us don’t know how they work. This article tries to change that and hopefully stop the ignorance once and for all. 

1. The Greed Merchants By Philip Augar 

Greed Merchants by Augar

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This book provides an excellent and straightforward exposure to the inherent conflicts of interest in commercial and investment banking. The book’s outstanding feature is its detailed assessment of contemporary investment banking.

This book details how investment bankers engage in illegal practices to gain insider knowledge, overcompensating themselves. Moreover, they have no qualms about who they rob to get their holiday bonuses.

They are willing to bankrupt existing firms and countries to enrich themselves and their investors. The author uses evidence to support his claims and cites events that make the book more enjoyable.

2. The House of Morgan By Ron Chernow

House of Morgan by Chernow best-books-on-how-banks-work

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The book traces four generations of the Morgan financial empire and covers the kingdom’s reputation from highs to lows. The book delves into how it was the most powerful, untouchable, and devoted to its longtime clientele. 

Furthermore, we see how the spinoffs of the original Morgan stray, particularly during the 80s M&A and LBO frenzy. The book does put some background into the 1987 crash and its likely cause, namely greed. Bankers profited greatly from LBOs while others suffered, a recurring theme emphasized throughout the book. 

Furthermore, the author stresses that the financial scams accepted by all require radical thinking in the industry to be changed. This is why the book has made it to our list of best books on how banks work.

3. The End of Banking By Jonathan McMillan

End of Banking by McMillan best-books-on-how-banks-work

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The author argues that our current banking system is immoral, inept, and unsustainable. He highlights the need for radical thinking within the industry. The author also provides a clear and insightful explanation of the causes and effects of the recent financial crisis. 

He demonstrates how similar crises tend to occur when banks and bankers are involved. Overall, the book is thoughtful and offers a new way of looking at the financial services industry’s potential. The author presents compelling arguments supported by evidence throughout the book. 

On top of that, his vision of a more democratic and sustainable financial system is exciting and realizable. We loved the book and consider it one of the best on how banks work.

4. How the Other Half Banks By Mehrsa Baradaran

How the Other half banks by Baradaran


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The book provides a theoretical and historical foundation for a public option to help the vast population in the US that is unserved by existing financial institutions. A population that is regularly preyed on by cheque-cashing joints and payday lenders. 

The bank presents the issues, the background, the previous remedies, the current alternatives, and the barriers to change. Additionally, it offers the most promising policy approach to the problem. A policy approach that can help the other half be brought under financial inclusion and reverse widening wealth gaps.

5. Limitless: The Federal Reserve Takes on a New Age of Crisis By Jeanna Smialek 

Limitless by Smialek

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The book is an incredible account of the Federal Reserve’s past. If you care about the state of the world today or want to better understand the factors that shape our economy, this book is required reading.

The author has a remarkable talent for bringing life to dry material. She does so by populating it with interesting and passionate people who have molded the Federal Reserve. Moreover, she forces the reader to ask questions about thought-provoking issues.

The author shows how the Fed’s actions, such as interest rate hikes, impact people’s lives. She also delves into the dangers and importance of American monetary policy. She also discusses the Federal Reserve’s influence on the global economy and geopolitics. This is why we think this is one of the most essential books on how banks work.

You may also read: 5 Getting Out of Debt Books For Financial Independence


In essence, many people find banks and the banking world enigmatic and complicated to understand. We are sympathetic to the viewpoint and have gone out of our way to talk about five books on how banks work. 

These books provide in-depth analyses of banks and their impact on world economies. We hope that you’ll learn something new from this book as they are hordes of knowledge. 

Frequently Asked Questions

1. How do you create the book lists?
Our team at Ebook Pundit works hard to create authentic and reliable book lists for you. To ensure that we provide you with the best recommendations, we do intensive research on every book we list. Our authors search for books that are relevant, thoroughly go through the book descriptions, as well as read the book reviews. They then choose the books that have been reviewed highly by others. Further, we also do our research on social media platforms to find books that are being talked about. Finally, we curate a list of the best books for you on every topic, with descriptions that give you a comprehensive idea of each book in simple language.

2. Why do you make these lists?
There are hundreds and even thousands of books available on any given topic. This makes it difficult to choose the best ones that will actually prove to be useful. You may have to spend hours researching before you find the right book. We make these lists for you to make your job easy and to save you the trouble of researching. Moreover, the type of book lists we make and all the factors we consider for each book, you may not find such a list anywhere else.

3. Why should I trust the lists you make?
We work hard to make these lists so that you can avoid the hassle of looking for the best books by yourself. All of us here are avid readers who are aware of the kind of content other readers are looking for. Hence, we do the research for you and aim to save your time.

4. Who are the authors who make these lists?
Our authors are graduates in different fields from reputed universities. More than that, they are passionate readers who want to help others find the best book for their every need. The authors are independent researchers, with good analytical abilities, and all have strong academic backgrounds. Thus, they are well-equipped to create these book lists.

5. What factors affect the list that you make?
There are various factors we consider before we publish our list. For each individual book, we look at the number of sales, the number of reviews and ratings, as well as social media mentions of the book. Further, we also research the author’s credibility to understand how qualified they are to write on a particular topic.

6. How do you ensure that the books you recommend are relevant to the topic?
We thoroughly go through the book descriptions and other available resources to ensure that the books are relevant to the topic. We also read the reviews of the book to understand in detail how the book helps readers learn more about the particular topic.

7. Whom can I contact if I have any questions about the content/list?
If you have any queries about our content, please reach out to us at support@ebookpundit.com. We will be more than happy to answer your questions, or just chat with you about books!

8. Do you guarantee that the list will serve the purpose of the readers?
Although we present you with the most relevant and informative books on any given topic, we cannot guarantee that they will serve your particular purpose. This is because each reader has their own individual needs and circumstances. We try our best to create stellar lists, and readers can definitively gain from giving these books a try. However, it is always advisable to take professional advice from people who have experience in the field.

9. What do you mean by “best” books?
We cannot say that the books we list are objectively the best in the field. However, we make sure to only recommend books that have been reviewed highly by others, are best-selling, and that other readers have found useful for themselves.

10. Can these books be used for research purposes?
The books we list give practical and relevant information on the particular topic. However, not all of them are academic books. Thus, it is up to the author’s discretion whether they want to use them for research purposes and cite them in their papers.

11. Does the position of the book in the list matter?
No, the position of any book in a list is arbitrary. We do not list them based on any kind of ranking. That being said, in some cases, the more popular books may appear at the top

12. Is the list inclusive of all the popular books?
No, our lists do not contain all the books that are relevant to the topic due to some limitations. However, we hope to keep updating these lists and include more books in the future.

Rabab Rayan is a senior year business undergrad at the Bangladesh University of Professionals with an insatiable appetite for reading. He has a particular enthusiasm for science fiction and mystery genres and can often be found exploring local bookshops and chatting with fellow bookworms about his latest reads.

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