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The financial market is busy debating whether a 2008 style crisis would be feasible today. We have a list of what has really changed over the past ten years.

1. Banker: A Job for Bores

Sergio Ermotti himself jested that banking, or more to the point, «his» UBS, had becoming boring. Boring in the sense that regulators are running the business, in the sense that an army of compliance officers are pouring over every deal and public statement.

Banking is boring because bankers can’t take risks, aren’t allowed to use the assets of their clients to speculate and because they spend three quarters of their time to fill in forms. No wonder that the brightest have joined the tech industry instead.

2. Central Banks Play Politics

Switzerland’s central bank is the most prominent example – monetary policy has turned political since the crisis. Both ex-Fed chairman Janet Yellen and Bank of England head Mark Carney garnered criticism for arguing that ultra-loose policy feeds gaps in wealth. Switzerland took this to a whole new level, subjecting its central bank to popular votes on gold reserves and printing money. Both were defeated, but the episodes underscore that central banking is increasingly political hardball.

3. Private Equity: From Fall Guy to Savior

Private equity was one of the scapegoats of the financial crisis. The investment firms which used borrowed money to attack and empty innocent companies. The private equity funds, which couldn’t pay back their panic-stricken customers and faced liquidity problems. In all, a reputation badly tarnished.

The recovery came because banks no longer have the leeway for huge deals, mainly due to the tough capital requirements dumped upon them. The return to favor was accelerated by the ultra-low interest rates, which forced asset managers to grant clients access to private equity investments. Such offerings saved the day for a great many investor faced with a return on portfolio pointing to zero.