The word on the street is that Antony Jenkins, the former Barclays Bank CEO who last year forecast a 50% cut in bank branches and staffing due to digital upheavals in the sector, is setting up his own fintech venture, according to a release. Ousted last July from the top role for lackluster performance, Jenkins has since become a passionate advocate of the need for radical tech-driven change in traditional banking practices.
Jenkins told a meeting in Parliament last week that he had reviewed 100 fintech businesses and met 50, although he declined to discuss the exact nature of the venture.
“Large banks will fragment as they seek to protect the profitable parts of their operations, leaving behind a zombie core,” Jenkins told last week’s meeting. “I estimate in this phase that as many as 20 to 50 per cent of jobs and up to half of branches could go.”
According to the release, Jenkins repeated forecasts he made last November to the New City think tank, noting that the world’s banks would be forced to axe up to half of their staff and close 50% of branches over the next ten years, billing the coming upheavals as banking’s “Uber moment.” Which fintech aspect will Jenkins pursue? Stay tuned and mind the remaining zombie core.