Here's a sketch of a proof. Let $\sigma(x)$ denote the spectrum of $x$. Then $\sigma(xy)\cup\{0\} = \sigma(yx)\cup\{0\}$. On the other hand, $\sigma(1+yx)=1+\sigma(yx)$. If $xy=1+yx$, then the previous two sentences, along with the fact that the spectrum of each element of a Banach algebra is nonempty, imply that $\sigma(xy)$ is unbounded. But every element of a Banach algebra has bounded spectrum.
(I don't remember where I first learned this proof, nor do I have a reference for it off-hand, but I did not come up with it myself.)
The proof that $\sigma(xy)\cup\{0\}=\sigma(yx)\cup\{0\}$ reduces to showing that $1-xy$ is invertible if and only if $1-yx$ is invertible, a problem that was the subject of a MathOverflow question.
There's a proof using derivations in section 2.2 of Sakai's book, Operator algebras in dynamical systems: the theory of unbounded derivations in $C^*$-algebras. A bounded derivation on a Banach algebra $A$ is a bounded linear map $\delta$ on $A$ such that $\delta(ab)=\delta(a)b+a\delta(b)$ for all $a$ and $b$ in $A$. Theorem 2.2.1 on page 18 shows that if $\delta$ is a bounded derivation on $A$, and if $a$ is an element of $A$ such that $\delta^2(a)=0$, then $\lim\limits_{n\to\infty}\|\delta(a)^n\|^{1/n}=0$. The proof uses induction with a neat computation to show that $\delta^2(a)=0$ implies that $n!\delta(a)^n=\delta^n(a^n)$, and then the result follows from boundedness of $\delta$ and the fact that $\lim\limits_{n\to\infty}\frac{1}{\sqrt[n]{n!}}=0$.
Corollary 2.2.2 concludes that the identity is not a commutator. If $ab-ba=1$, then the bounded derivation $\delta_a:A\to A$ defined by $\delta_a(x)=ax-xa$ satisfies $\delta_a^2(b)=\delta_a(1)=0$. By the preceding theorem, this implies that $1=\lim\limits_{n\to\infty}\|1^n\|^{1/n}=\lim\limits_{n\to\infty}\|\delta_a(b)^n\|^{1/n}=0$.
(Completeness is not used in this approach. An element $x$ of $A$ satisfies $\lim\limits_{n\to\infty}\|x^n\|^{1/n}=0$ if and only if $\sigma(x)=\{0\}$, and such an $x$ is called a generalized nilpotent. Incidentally, this also gives an approach to answering the example problem in the MathOverflow question Linear Algebra Problems? The remainder of Section 2.2 has a number of interesting results on bounded derivations and commutators of bounded operators.)