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Sectors/The middle is a bad place

Financial services

Asset management, UK banking, payments, insurance, and the activist desk are all being told a version of the same thing: growth and advantage are concentrating, and AI has to show up in the economics.

Growth that favors the few

Indexed

The 20 October asset-management note is titled as a question — plenty for the few? — and its preview says to explore why growth favors the few. The body was not opened, so this section does not pretend to know the mechanism. The framing itself is the signal: 2026 is being described as a concentration story.

Banking is a set of races, not a sector average

Indexed

UK banking shows up twice: three races that will define the next decade, and a decade to redefine the sector. Lloyds’ Charlie Nunn is in the inbox the same fortnight. The three races are not named in the subject, so they are not named here.

Payments, activism, and cash already on the balance sheet

Indexed

The 2026 payments report is framed as operational excellence in a business the customer barely sees. Shareholder activism is described as changing, and as capable of creating value. A CFO note points at cash hiding in plain sight and, in the preview, at four ways to improve cash conversion. Insurance is cast as new strategic arenas, and in India as an AI-led decathlon rather than a marathon.

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12 briefings tagged financial services. Open the index to search them.