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Tides of History

Encore: The Rise and Fall of the Medici Bank

Tides of History

Wondery / Patrick Wyman

Documentary, Society & Culture, History

4.86.3K Ratings

🗓️ 8 July 2025

⏱️ 61 minutes

🧾️ Download transcript

Summary

The Medici name still carries echoes of power and labyrinthine politics. But the Medici got their start as bankers, and built a financial empire that spanned fifteenth-century Europe. Popes, kings, and merchants all did business with the Medici, and the family's power over Florence grew out of its fiscal wizardry - at least until it all fell apart.

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Transcript

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0:00.0

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0:04.6

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0:14.2

Dozens of voices echoed off the buildings crowded around the narrow streets of Florence.

0:25.0

Vendors hawked goods from market stalls, calling out prices and the unimpeachable quality of their wares.

0:32.1

Somber men quietly shared information about the latest conflict between the big banking firms.

0:37.9

Franciscan and Dominican preachers shouted about the inevitable hellfire awaiting the people of Florence

0:43.9

unless they changed their sinful ways.

0:46.7

A fight broke out between a pair of cloth workers over a dead, raised voices leading to punches

0:51.9

and then a crash as one went headfirst through a market stall.

0:56.1

One man pushed his way through the commotion. He examined a piece of fruit and put it back in the

1:00.9

stall. He pricked up his ears at the discussion of banking conflicts, and he ignored the Hellfire

1:06.2

preachers. He walked through the cramped lanes of Florence like he owned it.

1:16.6

In a sense, he did, and he broke through the hustle and bustle and turned under the cobbles of a side street.

1:23.2

He opened an unassuming door and walked into a crowded office, where six clerks sat behind wooden desks.

1:26.0

The room was filled with the sounds of work.

1:33.1

Abacus's clacking incessant, pens scratching, papers shuffling, the thud of closing account books.

1:36.5

The clerks barely bothered to look up as their boss arrived.

1:42.0

Anything less than total attention on the task at hand would have been unacceptable.

1:48.0

Cosimo de Medici hadn't become the de facto ruler of Florence and head of the richest financial institution in Europe by rewarding fawning attention over hard work.

1:53.0

Cosimo passed through the desks and chairs and made his way into a small private room.

1:58.0

He shrugged off his cloak, revealing an expensive but understated red velvet doublet

2:03.2

and dropped his hat onto the desk.

...

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