In Memory of Marco Onado

Marco Onado passed away on 1st July 2025 at the age of 84. At Bocconi — where he graduated in 1965 and where he was Assistant Professor of Banking until 1969 — Marco Onado was Senior Professor from 2001 to 2022, teaching courses in economics and law of markets and financial intermediaries. Previously, he was Full Professor of Economics of Financial Intermediaries from 1972 to 2001 at the Universities of Modena and Bologna, and Visiting Professor at the University College of North Wales and Brown University. He was also senior fellow of the Baffi Centre.

His institutional positions included his appointment as CONSOB Commissioner from October 1993 to October 1998. He was also a member of numerous government commissions, including the Draghi Commission for the preparation of the Consolidated Law on Securities. In addition, he was a member of the Scientific Committee at Prometeia (Association for Econometric Research, Bologna) and the steering committees for the journals Banca Impresa e Società and Mercato Concorrenza Regole.

He was a professor, a columnist and a member of public authorities and boards of directors, able to combine the rigor of an economist with the civil commitment and clarity of a public outreach practitioner. This is why, even outside academia, his thinking has had a profound and lasting impact on Italian public debate.

Brunella Bruno, research fellow of the Baffi Centre, shares her memories of Marco Onado below.

In memory of Marco Onado, by Brunella Bruno

There are many noble traits that made Marco Onado not only respected but truly beloved by his colleagues, students, and friends. To use Colin Mayer’s words, he was a true scholar and a wonderful man—kind, thoughtful, considerate, imaginative, and inspiring.

I had the privilege of working closely with Marco over the past ten years, both as a co-author and co-teacher. As co-authors, we collaborated on projects that addressed pressing questions and contributed to important policy debates. The first, Finance and Investment: The European Case  (Oxford University Press, 2018) brought together leading researchers to investigate the causes of persistently low investment levels in Europe. Our most recent project focused on bank profitability and the controversial role of size in affecting performance. Both studies were presented at Bocconi and sparked lively discussions among scholars, policymakers, and bankers. 

We also co-taught a course on Comparative Financial Systems for seven years until 2022. That was Marco’s final course, and yet — even on the very last day — his passion, dedication, and deep respect for students remained unchanged.

Although I was junior to him in both age and academic rank, Marco always treated me as an equal and cared deeply about my professional development in a way I have rarely experienced. Whether we were teaching or co-authoring, he shared both the burdens and the honors of our work, never taking advantage of his seniority.

If I had to single out one quality that touched me most, it would be his generosity—of time, ideas, sensitivity, and enthusiasm. He shared these freely with colleagues, students, and friends, regardless of their age, role, or academic position.

Marco Onado was a pillar of banking studies and a civil servant of our country, an inspiring teacher, and a generous mentor. Above all, he was a gentleman. Caro Marco, grazie.