Former Barclays boss joins non-bank currency exchange operator

Former Barclays boss joins non-bank currency exchange operator

Anthony Jenkins, the former Barclays Bank boss 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.

Headquartered in Canary Wharf, 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.

The company says Jenkins will focus on advancing Currencies Direct’s digital offering and expanding its existing international footprint.

Says Jenkins: "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.

Keith Hatton, CEO of Currencies Direct, comments: "Currencies Direct plans to boost its share of the growing £380 billion currency market for retail and small and medium-sized enterprises in the UK, while also expanding its existing market presence in Continental Europe, Australia, South Africa, China, India and the US. Antony's knowledge, reach and insights into how technologies are changing the industry will play a major role in driving the growth of Currencies Direct.”

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