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> It was inconceivable that the Bank of England would authorise me, a 31 year old who’d never even worked in a bank, to act as the CEO of the UK’s newest bank.

> It was inconceivable that the Bank of England would authorise me, a 31 year old who’d never even worked in a bank, to act as the CEO of the UK’s newest bank. In general I would think this as a good thing. The UK has a more rigorous banking control than the US (where different state laws can make starting a bank easier than in the UK), with more scrutiny of the business model and customer protection - you need to prove what your doing is safe, not just talk the talk. This means there are no small 'town' or small specialist banks in the UK but also none of the failures that have happened in the US in the past few years. I believe Richard Bransons lawyers also told him he wouldn't get a bank license. Monzo got its full banking license after a couple of years

throwaway2037 2y ago
> none of the failures that have happened in the US in the past few years I assume you are referencing Silicon Valley Bank, which wasn't a small bank and wasn't run by young, inexperienced leaders. In the US, community banks would be 10% the size of SVB at its peak (before the run). Except SVB, can you name any other failures? And were they due to young, inexperienced leaders? I cannot name a single one.
- joecool1029 2y ago
  Republic Bank just failed in the past month (not to be confused with the First Republic Bank that failed last year). This newest Republic failure was a bank started by the guy who created Commerce Bancorp which was purchased by TD Bank. The guy is a piece of work: https://archive.is/DwtAx https://archive.is/DwtAx (I wouldn't say he is young but really not the guy for the job given the history and the banking environment now)
  - throwaway2037 2y ago
    First Republic Bank didn't fail. It was bought by JPMorgan. No customers lost any money.
    - joecool1029 2y ago
      It failed: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/first-republic.html https://www.fdic.gov/resources/resolutions/bank-failures/fai...
- helsinkiandrew 2y ago
  > I assume you are referencing Silicon Valley Bank No: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/ https://www.fdic.gov/resources/resolutions/bank-failures/fai... Many of these had far more, and many far less customers and deposits than Monzo in 2016.
switch007 2y ago
> This means there are no small 'town' or small specialist banks in the UK We do have about 250 credit unions and 42 building societies though
- helsinkiandrew 2y ago
  > We do have about 250 credit unions and 42 building societies though And many of those still don't have 'full' banking licenses - there's limitations on what commercial services they perform and how they raise money.

throwaway2037 2y ago

> none of the failures that have happened in the US in the past few years I assume you are referencing Silicon Valley Bank, which wasn't a small bank and wasn't run by young, inexperienced leaders. In the US, community banks would be 10% the size of SVB at its peak (before the run). Except SVB, can you name any other failures? And were they due to young, inexperienced leaders? I cannot name a single one.

joecool1029 2y ago
Republic Bank just failed in the past month (not to be confused with the First Republic Bank that failed last year). This newest Republic failure was a bank started by the guy who created Commerce Bancorp which was purchased by TD Bank. The guy is a piece of work: https://archive.is/DwtAx https://archive.is/DwtAx (I wouldn't say he is young but really not the guy for the job given the history and the banking environment now)
- throwaway2037 2y ago
  First Republic Bank didn't fail. It was bought by JPMorgan. No customers lost any money.
  - joecool1029 2y ago
    It failed: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/first-republic.html https://www.fdic.gov/resources/resolutions/bank-failures/fai...
helsinkiandrew 2y ago
> I assume you are referencing Silicon Valley Bank No: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/ https://www.fdic.gov/resources/resolutions/bank-failures/fai... Many of these had far more, and many far less customers and deposits than Monzo in 2016.

switch007 2y ago

> This means there are no small 'town' or small specialist banks in the UK We do have about 250 credit unions and 42 building societies though

helsinkiandrew 2y ago
> We do have about 250 credit unions and 42 building societies though And many of those still don't have 'full' banking licenses - there's limitations on what commercial services they perform and how they raise money.