Endre Jo Reite is the Director of Retail Banking at BN Bank. After 20 years in banking, he returned to school to pursue a doctoral degree in economics at NTNU. In a time of great uncertainty in the finance industry, his education has provided Endre with a better understanding of the big picture and helps him plan for a future with a bit less uncertainty.

Position: Director of Retail Banking, BN Bank and Associate Professor, NTNU

Highest Education: ​​​Doctoral degree in economics from NTNU. Title: "Essays on Banking Regulation, Mortgage Lending, and Risk"​​​

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What is your doctoral thesis about?

- My doctoral thesis focuses on the interaction between banks, customers, and the regulation of the banking and finance industry. I examined how consumers engage with banks, their banking behavior, how they refinance their loans, accumulate debt, and utilize various sources of credit, such as mortgage loans and consumer loans, and how they refinance them among each other. Additionally, I was concerned with how consumers use our products.

What did you find?

- I found that in the banking industry, we have underestimated the interaction between products from different banks. In other words, we underestimate the risk in our loans, provided others are willing to refinance customers and perhaps supply other loans as well. This way, we may contribute to building risks and bubbles the banks do not see until they burst.

What was the goal of your doctoral degree?

- My goal was twofold. First, I wanted to gain more insight and challenge myself with other perspectives on my daily work in the bank. Secondly, I wanted to see if I was capable of following through with it. It's been over 20 years since I finished my formal education, so I see it as my "Birkebeiner Race."

What do you gain from pursuing a doctoral degree?

- You gain so much from it. You get to meet the sharpest minds and the most skilled lecturers. You gain novel perspectives on the work you do. Personally, I have gained perspectives that can contribute to identifying opportunities, but also avoiding risks and pitfalls. You develop a deeper understanding of how your business interacts with the external conditions that influence its operations.

- I believe many should pursue a doctoral degree simply to challenge themselves, and to see their work and role in society from an outside perspective.