Inside the Bank of London, the unicorn that had an ‘immediate’ need for cash

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Financial Times 1w ago

Inside the Bank of London, the unicorn that had an ‘immediate’ need for cash - Financial Times

Quick Summary:

Little over a year later, the Bank of London’s New York office sat largely empty while employees across the Atlantic were forced to share a space with an air-filtering company owned by the husband of one of the bank’s executives.

At its inception, the Bank of London recruited several employees from 10x Future Technologies, a fintech founded by former Barclays chief executive Antony Jenkins.

Rather than making money by accepting customer deposits and extending loans like a traditional lender, the Bank of London set out to dominate the settlement and clearing market by aiming to move money around the world more quickly, cheaply and safely than its rivals such as NatWest and Barclays.