It sounds like a Hans Christian Andersen fairy tale, recast for modern capitalism: In 1819, a Catholic priest founds a savings bank in Vienna to help poor people who have moved to the Austrian capital manage their money through a common fund supported by wealthy citizens. Johann Baptist Weber, the priest turned banker, made history by launching Austria’s first savings bank and strengthening egalitarian ideas. Today, that bank remains historically significant as one of the largest financial servi…

To read this article and start a full year of unlimited online access, subscribe now!

Already a subscriber?

Need to register for your premium online access,
which is included with your paid subscription?