The banking industry is the basis of every economy's financial system. It impacts almost every area of our financial lives, including the interest rates we pay, the performance of our retirement savings, and, on a far broader scale, the status of the global economy.

In the United States, 4,401 commercial banks are FDIC insured, and their combined assets are nearly $23 trillion. The banking industry is, in essence, one of the country's largest and most significant industries.

If you want to be a great banker, our picks for the best books on banking to read in 2022 will provide an excellent starting point to master the subject. These books range from biographies to case studies to narratives that cover specific periods and broader trends. The following list of top banking books will provide an actionable, if not comprehensive, history of the banking industry in the U.S.

Reinventing banking and finance

Author: Helene Panzarino and Alessandro Hatami

Nearly all financial transactions that once required brick-and-mortar financial institutions can now be completed online and conveniently with a few clicks on your smartphone. The book "Reinventing Banking and Finance" dives deep into how the fintech sector is revolutionizing the financial industry and what financial professionals need to do to keep up and remain relevant.

This book highlights essential fintech topics, including AI, machine learning, and blockchain, making it a worthwhile read for investors and financial experts. Panzarino is a former banker who now consults and serves as a judge for various tech funding events, including the AltFi Awards.

Last Man Standing

Author: Duff McDonald

What better approach to understanding the banking industry than to look into the minds of people who make it up? Through interviews with family, friends, and co-workers, this biography follows Jamie Dimon, chairman, and CEO of JPMorgan Chase, as he survived the 2007–2008 financial crisis.

"Last Man Standing," written by award-winning journalist Duff McDonald and released in 2010, has all the depth, precision, and wisdom that a reader can expect from an accomplished author. McDonald presents Dimon as a brave crash survivor who turned a profit despite the mayhem. It would help if you had this book on your shelves.

3. The House of Morgan

Author: Ron Chernow

This book is about the most promising period in American financial history, which was considered a disaster about 20 or 20 years ago and is not an example for the rest of the world. Beginning with J.P. Morgan and covering the financial crisis of 1987.

The House of Morgan is regarded as a masterpiece of economic history and was named one of the top 100 non-fiction books of this century by the Modern Library because both the institution & the men who handled it were extraordinary.

This book portrays the fascinating history of the great men behind the successful history of J.P. Morgan as a financial institution.

With $2.6 trillion in assets on its balance sheet, JPMorgan Chase is currently at the top of the American banking sector. The seminal treatise by Ron Chernow describes how this developed.

4. The Big Short

Author: Michael Lewis

This book is the #1 New York Times best-seller and a must-read for anyone who wants more profound knowledge about the banking industry. It is a remarkable narrative of how the U.S. economy pushed over the cliff.

The book narrates the tale of four different investment groups that accurately predicted the credit and housing bubble crisis well ahead of everyone else. Journalist Michael Lewis describes in exciting detail how the high-risk mortgage loans led to the early 2000s housing bubble, which subsequently caused the financial crisis of 2007–2008 and the whistleblowers who predicted it.

This book describes just how the 2008 economic meltdown occurred, and that too in simple English. It's a fun, quick read.

5. The End of Banking

Author: Jonathan McMillan

"The End of Banking" presents a detailed analysis of the banking industry's role in the financial crisis. It guides how the industry should change to serve modern consumers better and adjust to a new digital world. This approach is a little more modern in considering how the digital revolution might mold a new banking business. Many have criticized the industry and proposed extensive regulatory changes.

It provides a simple and understandable overview of the shadow banking system, which many readers may find instructive.

It's important to note that Jonathan McMillan is a fictitious name. An unnamed "financial expert" and Jürg Müller, who holds a Ph.D. in economics from ETH Zurich and an M.Phil. in economics from the University of Cambridge, collaborated on this 2014 book.

6. Lords of Finance

Author: Liaquat Ahamed

In "Lords of Finance," Liaquat Ahamed provides a stunning picture of how the Great Depression, which inadvertently sparked World War II, was caused by the decisions of small influential players in the banking industry. This 2009 book is worth reading, if only to remind you that these so-called "lords of finance" can trigger events that could have a long-term impact on the economy.

Even though it is not a textbook, the book gives adequate information about some of the most complex financial issues, like international lending, the gold standard, and currency devaluation.

Ahamed has written numerous previous financial books, has degrees from Harvard and Cambridge, worked as a professional investment manager for 25 years, and is currently a hedge fund advisor.

7. Heads I Win, Tail You Lose

Author: Patrick H. Donohoe

In the book "Heads I Win, Tails You Lose," CEO & financial expert Patrick H. Donohoe portrays a sobering portrait of a dying American Dream. He contends that following financial "rules" is no longer a proven path for Americans to amass money and achieve financial freedom. Then, in this 2018 book, he provides a roadmap to alter course and modify your financial strategy to get there.

Bottom line

I hope one of the best banking books listed above will acknowledge you about the banking industry. These books will offer a fascinating insight into the finance and banking industry's history and will help give context to just how much these sectors have changed today.

Remember to take the time to view the historical context if you need to understand the banking industry.