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Biggest Global Banks at Davos: We're All Fintech Innovators Now

  • Deutsche Bank's Cryan sees end of physical cash within decade
  • Gorman chides `near hysteria,' Winters calls for regulation
Bank of America CEO Brian Moynihan said his firm now spends $3 billion a year on coding.

Bank of America CEO Brian Moynihan said his firm now spends $3 billion a year on coding.

Photographer: Yuri Arcurs/Getty Images

Fintech was every banker’s buzzword at the World Economic Forum, as leaders of the world’s largest financial companies both touted the potential of new innovations and leaned on regulators to control the startups threatening parts of their business.

Deutsche Bank AG Chief Executive Officer John Cryan predicted the disappearance of physical cash within a decade. Bank of America Corp. CEO Brian Moynihan said his firm now spends $3 billion a year, more than 5 percent of total expenses, on coding. JPMorgan Chase & Co. and Banco Santander SA announced an investment in ex-banker Blythe Masters’ blockchain startup.