A pandemic wasn’t in anyone’s business plans (but should’ve been top of everyone’s risk registers).
But that’s the point, the same fate befell both Monzo and Starling, and whilst the former furloughed, then laid off staff, cut customer service hours and floundered about with business banking and monitising personal accounts, Anne saw a business opportunity and created jobs and a path to profit. Sometimes it’s the leftfield moments which define success or failure.
Boden’s a banker, and will have read the risks associated with CBILS lending correctly, and got a product out the door. Blomfield, the posterboy, meanwhile, had Monzo so far down a hole it almost got swept away, and certainly broke him.
…was too busy complaining on Twitter that the pandemic meant he couldn’t get his usual artisan flour to bake with. Quite a stark contrast between the two. 100% true.
Agree things shouldn’t get personal but so far it looks like people are stating facts.
Both banks want us to believe that their respective founder was some Godlike figure that was going to change banking. One did and one might have done but only time will tell
See, I’m not sure that’s true. But I’m not going to debate it - the point was that I think, with respect, @j06’s post would have been as relevant if it had omitted the last paragraph, or if the names had been taken off.
So: let’s discuss the banks, not the personalities. The former may lead to some interesting debate; the latter likely to a locked topic.
I stand by what I said. Boden led the bank through the pandemic whilst Monzo was sacking people in two different continents to cut costs. There was such a massive contrast in leadership. Many months later, Tom has publicly said he was very unhappy - and that is totally OK. But he was the figurehead of this bank at the time - just as Boden was.
So if folks want to start a Tom vs Anne thread, feel free. I’m not trying to ban anyone from mentioning the founders (as if I have that power!) - but these things tend to spiral downwards quickly. I’m not sure that such a topic would end well.
Tom and Anne had totally different visions on how to revolutionise banking.
Who are we to say who is right or wrong?
All being well, in a few years time, we’ll be discussing both of their success’s in making banking better for all of us.
I don’t remember the exact timeline of when he stood down (but a quick Google shows sometime in May). That said, he became President - hardly removing himself from the public eye. You lead from the front.
My post wasn’t meant to be personal and insulting. To me both banks are synonymous with their respective founders, especially with the shared history at Starling. Both are visionary entrepreneurs, and I was trying to be respectful and expressing my sadness that running Monzo broke Tom.
Oh. My original reply was a direct counterpoint to @TheoGibson’s post. Now, on its new thread it’s out of context and doesn’t make any sense. Got a bit caught up in my (not particularly important) last paragraph @Peter_G
I’ve made a few edits (see the top post) to be clearer about the context. Sorry if that got lost in the move. Shout if I haven’t still got it quite right.
As we learned recently, Tom wanted to leave then. The ‘President’ role was because backers actually wanted to keep him on board, but it was pretty meaningless as he wasn’t involved with the business much and eventually left anyway.
Not winning any of the funding for business banking would appear to have been the biggest problem, meaning that Monzo’s business banking may not have been in a position to do what Starling did even if they wanted to. Maybe you could lay some blame on Tom in a way for not prioritising business banking earlier, but that’s easier in hindsight.
In a year or two, we could find ourselves saying that in hindsight Starling made a mistake getting too involved in risky lending. Who be knows?
At the end of the day, Anne is clearly good at her job with the banking side of things, and Tom is clearly good at his job with the challenging and innovating and disrupting side of things. They are very different creatures.
As for Monzo, Tom has created a launchpad (as it were), and what we’re all waiting to see is where T S Anil and the rest of the team take Monzo from here.