Member Info for bigsmoke

passing 120 ...

thrusters....

and climbing

"Why would anyone buy a 10 year old bank which needs another 5 years of restructuring to fix. Easier to start from scratch."

off the top of my head:
1. equity value and co-investor relations
2. finite quality real estate opportunities
3. speed to market - and with cover story
4. brand diversificaiton and positioning
5, most of all, because "from scratch" answers none of the unanswered questions below!

No one answered how GS DID gather 8.5% without a prior RNS, when the volume did not support......

Worth remembering the problems the digital banks have suffered since Des said that just last month !!

Des McDaid “Are they getting the full usage of that customer that the high street bank has? Maybe not yet.”

“‘We’re not adverse to partnerships’

Marcus is one of a number of new retail banking brands that have launched in UK in recent years. Others include Monzo, Revolut, Atom, Starling, and N26.

“Some of them have really made a lot of noise and a lot of impact by actually picking some good sweet spots and some good customer issues, whether that’s customer experience, whether that’s the app,” McDaid said.

“They’re getting customers, they’re getting a large customer base. Are they getting the full usage of that customer that the high street bank has? Maybe not yet. But they’re definitely making people stand up and notice.””

Otherwise, why would he let the baby go so freely (see recent post of Saladworks). And! Why would he replicate the same look and feel stateside? Maybe because the UK entity was destined for an incoming makeover???

Perhaps Vernon walked on the basis he knew one day he could say he build a bank that got taken over by GS.

Exactly, they were about 80-90% there and pulled the first round within hours. GS applying the pressure?

Mr JimD- the gang up was reported Sept 2019, the very same month Marcus launched in the UK

““We’re not adverse to partnerships at all,” McDaid said. “If it made sense for us as a business, it makes sense for our customers, we would definitely look at it.

Are they looking at partnerships right now?

“Possibly,” he said with a chuckle. “To an extent that we’re always in discussions and talking but there’s nothing we can share at the moment.

“There’s more we can do and I just think there’s a great future for Marcus in the UK and hopefully for our customers as well.”

https://uk.finance.yahoo.com/news/goldman-sachs-marcus-des-mcdaid-interview-064738358.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvLnVrLw&guce_referrer_sig=AQAAAEbuZjX1kdXSSh2Em7-P617LJFoGbxvQ7Yd_GY2PK3irIVdOYyktfcq_cbUHxqBNwAw6Ibi0LzxG3srAQhb6YsnCGqJtPGanItD5bc1rFO-7pBIGRMmb4N5g3eBQcoDty6pPG0j8TISSu5Qp4xSsLjvWFTai8SoD7JEOL2IuMQrv

https://de.reuters.com/article/uk-britain-goldmansachs-marcus-exclusive-idUKKBN23G26S

Kinda overly suggestive who gave the shorts their stock. And we might now know why .....

“Metro Bank shares took a tumble today as s****y West End hedge funds and US giant Goldman Sachs ganged up on the challenger bank.

Regent Street-based Ena Investment Capital increased its short position by 11% to 3.4 million shares, or 2% of the company’s stock.”

Hmmmmmmmmmmmmmmm

https://www.google.co.uk/amp/s/www.standard.co.uk/business/market-report-metro-bank-suffers-as-hedgies-and-goldman-put-the-boot-in-a4235091.html%3famp

“

https://www.innovatefinance.com/fintech-speakers/des-mcdaid/

Also might explain why Metro were able to land Nationwide’s chief transformation officer, last week
https://www.finextra.com/pressarticle/82716/metro-bank-poaches-nationwides-chief-transformation-officer