Eric Daniels, the former CEO of Lloyds Banking Group, recently announced he has officially joined the board of UK-based peer-to-peer lending platform, Funding Circle. Daniels, who departed from Lloyds in 2011, reportedly stated his new role will allow him to take part in the “sea change” of traditional banking.
During a recent interview with Bloomberg, Daniels revealed new capital and risk-weighing requirements have turned the peer-to-peer lending industry upside, which has made it difficult for institutions to continue lending as they have. Luckily, the situation has left an opening and Funding has notably “taken advantage.”
Since his departure from Lloyds, Daniels has served as a principal and senior adviser at London-based investment bank, StormHarbour Securities. He also noted that he will serve as on both risk and audit committees at Funding Circle. He will also work alongside former CEO of Wachovia Corp. Bob Steel, who joined the board Funding Circle in 2014. The news of Daniels joining Funding Circle comes nearly two months after the company appointed former CEO of Nomura International and EMEA, Jeremy Bennett, as its new global chief financial officer.
At the time of his appointment, Bennett stated:
“The financial services industry is undergoing a profound change with technology-led companies like Funding Circle revolutionizing the customer experience for small businesses and investors. It’s a great time to be joining such a forward-thinking organization. The Funding Circle team are all about innovation underlined by a commitment to help small businesses around the world. That drives growth and creates jobs and that is why this is very exciting for me.”