Tom Blomfield started Monzo over five years ago and has now decided to step down as CEO; he will now...
Anthony Noto was interviewed on his first day at SoFi; Noto shared that before he makes any changes at SoFi he wants to understand how various leaders are thinking about opportunities and risks; he also touched on corporate culture and strategic focuses in the interview; when asked about a potential IPO Noto said, “We don’t have any specific timetable or commitment to do that, but it something that we think could be possible down the road.”; American Banker also reported that SoFi’s wealth management business has $44.7 million of assets under management across 10,000 accounts. Source
Anthony Noto will serve as CEO and Director effective March 1; Interim CEO Hutton stated, “We are simply thrilled to have found someone of Anthony’s expertise and knowledge to lead SoFi. The SoFi board unanimously agrees that Anthony’s deep understanding of technology, consumer, and financial businesses make him the perfect fit to be SoFi’s CEO. We could not be more excited to have someone of his caliber on board.”; Noto has previous experience as COO of Twitter and also worked for Goldman Sachs. Source
Anthony Noto will become SoFi's CEO effective March 1; American Banker outlines the five challenges that Noto will face as he enters his new role; list includes reforming SoFi’s culture, determining when to go public, deciding how to grow, whether to go forward with a bank charter and proving that he has the right background. Source
PayPal’s CEO Dan Schulman has written an article in the Wall Street Journal; he believes that while technology generally has improved the lives of many, the potential of applying technology to expanding financial services is still unrealized; most people manage their money the same way they did years ago and fees paid by Americans still total $170 billion every year; Schulman believes that collaboration is key to achieving universal financial health. Source
There has been a lot of news coming out about SoFi recently; first came the departures of several senior executives; then news of a sexual harassment lawsuit came in August; now CEO Mike Cagney is stepping down as CEO from the company by the end of the year, having already stepped down as Chairman; in a letter sent to employees Cagney wrote, “The combination of HR-related litigation and negative press have become a distraction from the company’s core mission. I want SoFi to focus on helping members, hiring the best people, and growing our company in a way consistent with our values. That can’t happen as well as it should if people are focused on me, which isn’t fair to our members, investors, or you.” Source