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.