Anthony Jenkins, the former head of Barclays Bank, is reported to be setting up his own fintech venture and has been meeting with financial technology entrepreneurs in a bid to transform the world of banking, according to sources.
Jenkins is an advocate of the need for radical tech-driven change in traditional banking practices.
Barclays parted ways with Jenkins as Chief Executive Officer in July 2015 for what was apparently deemed a failure by the board of the British bank, after he attempted to turn the company around in the wake of the Libor scandal.
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Jenkins is alleged to have told a meeting in Parliament last week that he had reviewed 100 fintech businesses and met with 50 in order to develop his understanding before launching his own venture.
Since leaving Barclays in July last year, Jenkins has emerged as a passionate advocate of the need for radical tech-driven change in traditional banking practices.
During a speech he gave at the the New City Agenda think-tank, he repeated forecasts made last November, predicting an “Uber moment” for banking, where the world’s banks would be forced to slash up to half of their staff and close 50 percent of branches over the next ten years.
He commented: “Large banks will fragment as they seek to protect the profitable parts of their operations, leaving behind a zombie core. I estimate in this phase that as many as 20 to 50 percent of jobs and up to half of branches could go.”