Barclays' old CEO is getting into fintech
The Daily Mail reports that Jenkins told a meeting in Parliament organised by think-tank New City Agenda last week that he has reviewed 100 fintech businesses and met with 50. Jenkins is reportedly feeling out the market before launching his own venture.
Jenkins was CEO of Barclays until July last year when he was ousted in favour of former hedge fund executive Jes Staley. Jenkins had a reputation as a benevolent reformer at Barclays.
Reports that he is looking to get into fintech will come as no surprise to anyone who remembers a speech he gave last November in which he predicted an "Uber moment" for banking, where technology will bring huge transformation to finance.
He said at the time:
We will see massive pressure on incumbent banks, which will struggle to implement new technologies at the same pace as their new rivals. That will make it increasingly challenging for them to deliver the returns and profitability that their shareholders demand.
Ultimately, those forces will compel large banks to significantly automate their business. I predict that the number of branches and people employed in the financial services sector may decline by as much as 50% over the next 10 years, and even in a less harsh scenario I expect a decline of at least 20%.
Fintech has exploded around the world since 2008, with huge amounts of money flowing into startups that are trying to make finance cheaper and easier using technology. The field covers everything from peer-to-peer lenders like Funding Circle and app-only banks like Mondo to more enterprise plays, such as blockchain-based SETL.
The Mail says it's not sure what Jenkins new venture will be exactly - watch this space.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Markets rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
- Sustainable Waste Disposal
- RBI announces auction sale of Govt. securities of ₹32,000 crore
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market