Barclays’ lead legal counsel for client and customer experience Dean Nash has joined fintech startup Monzo bank as head of compliance.
Prior to joining Barclays, Nash (pictured) was an in-house lawyer at Lloyds Banking Group. Monzo, which is an app-only bank, was valued at £50m in October after a £4.8m funding round.
The start-up, which was formerly known as Mondo, aims to create a digital-only bank for mobile users that provides instant notifications of transactions and balances, a breakdown of spending across the month and a detailed feed of what money has been spent on. It gained a banking licence in August this year.
Monzo, along with Atom Bank, Tandem and Starling are new app-only banks or ‘neobanks’ which do not have any walk-in branches.
In July Barclays appointed former Gibson Dunn & Crutcher partner Mark Shelton as general counsel (GC) of Barclays’ corporate & international business following a ring-fencing restructure which saw the bank split its legal team to create two new divisions – the other being Barclays UK.
In addition, Shelton will also be the GC for Barclays Corporate and International Americas and its separately capitalised holding company, established in the US on 1 July 2016.
Earlier this year, Baker McKenzie hired the bank’s global competition head Nicola Northway, less than a year after it hired Barclays Bank’s global head of financial crime Jonathan Peddie. This was following a spate of exits for the bank last year which saw Barclays’ M&A chief Khasruz Zaman depart for Simmons & Simmons, the bank’s EMEA general counsel Erica Handling switching to funds manager BlackRock and US GC Carlos Pelayo moving to Merrill Lynch.
Read more in: ‘City firms poised to ride fintech wave’