DAVID MAUDE is an independent consultant. A former consultant at McKinsey & Company, he serves financial institutions around the world, advising on their key strategic, organisational and operational issues. He has also worked in strategy for Barclays, and spent six years as a senior economist at the Bank of England and HM Treasury. He co-authored the pioneering Euromoney book, Private Banking: Maximising Performance in a Competitive Market, published in 1996. He may be contacted at david_maude@lycos.co.uk.