Anthony 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, has joined non-bank foreign exchange firm Currencies Direct as non-executive chairman. Jenkins in May told a meeting in Parliament that he had reviewed 100 fintech businesses and met 50 as he mulled over plans to move in to the fast-growing sector.
The private equity-owned Currencies Direct has shifted £4 billion in consumer and business payments in the past year, operating under a low-cost, fee-free model.
Jenkins will now focus on advancing Currencies Direct’s digital offering and expanding its existing international footprint.
Anthony Jenkins shared:
New technologies are revolutionising financial services, creating substantial opportunities for companies with a digital strategy at their core, a deep understanding of the needs of the customer and the right values. Currencies Direct is successfully capitalising on the fast-growing demand for digital financial services offerings, and has a sound strategy combined with the infrastructure to continue its rapid expansion.”
Ousted from Barclays in July last year, Jenkins has become a passionate advocate of the need for radical tech-driven change in traditional banking practices.