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10 Top Potash Countries by Production

Canada leads the top potash countries by production, but what are the other major producers? This list outlines the top 10.
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The top potash countries by production have weathered the COVID-19 storm that plagued many commodities in 2020, and robust demand has pushed prices higher and higher in 2021. 

In fact, bullish sentiment in the potash industry has major market participants such as BHP (NYSE:BHP,ASX:BHP,LSE:BLT) investing billions in new potash production.

That’s welcome news for the sector — many potash-mining operations have closed in recent years, and some are waiting on the sidelines for better days and improvements in the potash price.

 

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“World potash consumption was estimated to have been about the same as in 2019 at about 41 million tons of K2O,” according to a US Geological Survey (USGS) report. “Asia and South America were the leading consuming regions. World consumption of potash was projected to increase slightly in 2021, with Asia and South America as the leading regions for growth.”

Looking at supply, the USGS states that world potash capacity is projected to rise to 69 million metric tons (MT) in 2024 from 64 million MT in 2020. The increase is expected to come mainly from muriate of potash from new mines and expansion projects in Belarus, Canada, and Russia

The USGS estimates that global annual potash production reached 43 million MT in 2020. So what were the top potash countries by production last year? Read through the list below to find out the answers.

1. Canada

Mine production: 14 million MT

Leading the list of the top potash countries by production is Canada. The nation is the world’s largest potash producer, with potash production growing by 1.7 million MT in 2020 over 2019 production levels.

Nutrien (TSX:NTR,NYSE:NTR), the largest potash company, is based in the Canadian prairie province of Saskatchewan. The company is the result of a 2018 merger between two crop nutrient companies, Potash Corporation of Saskatchewan and Agrium. The partnership has been described as creating “a global agricultural giant” valued at nearly US$44 billion.

2. Russia

Mine production: 7.6 million MT

In 2020, potash production in Russia was up from 2019’s output of 7.34 million MT, helping the country to overtake Belarus as the world’s second largest potash producer. Uralkali (MCX:URKA) is Russia’s premier potash company, as well as one of the world’s leading potash producers, accounting for roughly 20 percent of global supply. The company has five mines and seven ore treatment and processing mills.

3. Belarus

Mine production: 7.3 million MT

Potash production in Belarus dropped slightly by 50,000 MT from 2019 levels to total 7.3 million MT in 2019. Output in the Eastern European country has been on an upward trajectory since 2016, when its potash production total came in at 6.4 million MT.

 

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Belarusian Potash Company is the country’s largest industry operator. Since Uralkali pulled out of Belarusian in 2013, its former partner, state-owned Belaruskali, has had a rocky road to recovery. Belaruskali has six mines and four processing factories.

4. China

Mine production: 5 million MT

China is another of the top potash countries by production. Output in the Asian nation has remained relatively the same from 2016 to 2020, at around 5 million MT. Potash is extremely vital in China — the country is the largest consumer of potash fertilizer, accounting for approximately 20 percent of world potash consumption. China’s domestic demand for potash fertilizer is overtaking its homegrown potash supply, making the country reliant on potash imports, especially for muriate of potash.

5. Germany

Mine production: 3 million MT

In Germany, potash production has remained relatively stable, ranging from 2.7 million MT to 3 million MT between 2016 to 2020. K+S (ETR:SDF) is one of Germany’s leading potash miners and has a number of projects, operating six mines in three districts of Germany.

6. Israel

Mine production: 2 million MT

Annual potash production in Israel has remained unchanged for the past few years, totaling about 2 million MT since 2017. The country is sixth in terms of potash production, and it also hosts the world’s sixth largest potash-producing company: Israel Chemicals (TLV:ICL).

The company produces roughly a third of the world’s bromine, which is often extracted from the same salt water and brine deposits that produce potash.

7. Jordan

Mine production: 1.5 million MT

Potash production in Jordan decreased marginally from 2019 to 2020. Arab Potash Company, located in Jordan, is the eighth largest producer of potash by volume, and is the sole producer of potash in the Arab region. It has helped make Jordan a key potash supplier for India and Asia.

Both Israel and Jordan recover potash from the Dead Sea.

 

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8. Chile

Mine production: 900,000 MT

Chile recorded production of 1.2 million MT of potash in 2018, the same as the prior two years; however, production dropped below 1 million MT in 2019 and slipped another 50,000 MT in 2020. One of the largest producers of potash in the country is SQM (NYSE:SQM), which is also a leading producer of lithium. South America in general is a large consumer of potash.

9. Spain and the US

Mine production: 470,000 MT

Spain and the US tied in 2020 for the position of ninth largest potash-producing country.

Spain’s output slipped by 30,000 MT from its 2019 number. This figure is down from 2016, when the country produced 670,000 MT of potash. Spain has potash reserves of 68 million MT. The company Geoalcali has a few potash projects in Spain, including Izaga, Muga and Sierra Del Perdon.

The US bumped the UK from the 10th spot on the list in 2017, and continued to hold onto the spot in 2018 and 2019. Potash production in the US mostly takes place in New Mexico and Utah — New Mexico has three mines operated by two companies and Utah has three potash operations.

The country put out 470,000 MT of potash for 2020, a relatively steep drop from 2014, when output totaled 850,000 MT of potash. US potash goes largely to the fertilizer industry, which in turn uses the fertilizer to increase crop production and crop yields, as well as to improve soil health and water retention in crops. Any leftover potash output is used in the chemical and industrial sectors.

10. Laos

Mine production: 400,000 MT

The Southeast Asian nation of Laos rounds out the 10 top potash countries by production. The Thagone potash mine in the northern province of Vientiane is one of the country’s largest potash reserves.

Laos’ potash industry is expected to benefit from China’s plan for a pan-Asian railway and road network.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

 

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Economics

How a New Orleans community land trust is providing permanently affordable housing and supporting Black entrepreneurs

The “Rebirth of 1800 St. Bernard” took place last year on a chilly December day by New Orleans standards. Attendees wore protective masks and socially distanced—a difficult feat with at least 100 people present. That day represented more than a…

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By Julius E. Kimbrough, Jr.

The “Rebirth of 1800 St. Bernard” took place last year on a chilly December day by New Orleans standards. Attendees wore protective masks and socially distanced—a difficult feat with at least 100 people present. That day represented more than a groundbreaking for residents of New Orleans’ Seventh Ward; it promised the revival of a community anchor in the majority-Black neighborhood that had been decimated by Hurricane Katrina more than 15 years prior.

At the center of this rebirth was the Vaucresson Sausage Company: a small business on St. Bernard Avenue founded by a Black family in New Orleans 120 years ago. Vaucresson Sausage had been a long-standing community anchor in the Seventh Ward, but flooding caused by levee failures following Hurricane Katrina transformed the building from a lively commercial space to a derelict and blighted property. For the past 15 years, Vance Vaucresson, the third-generation owner of the business, had struggled to find funding and partners willing to assist in the redevelopment of the building—a challenge that many Black business owners face nationwide. As the years multiplied, the Seventh Ward lost more of its Black-owned businesses and began to experience the displacement of long-time residents.

It is with these challenges that the mission of the Crescent City Community Land Trust (CCCLT) intersects with Vance Vaucresson’s business goals and the Seventh Ward community. We saw the redevelopment of the sausage factory as not just about brick and mortar redevelopment, but as a pathway to restore Black businesses, stimulate economic development, reinvigorate culture, and provide permanently affordable housing.

Not your typical community land trust

CCCLT focuses on projects that promote racial equity, pro-active community stewardship, and permanently affordable commercial and rental spaces. We were founded in 2011 as a direct response to the city’s housing crisis: Katrina and the levee failures had almost overnight damaged or destroyed 70% of the city’s housing stock. More than five years later, there was little improvement—with housing prices skyrocketing and more and more families, especially Black families, becoming cost-burdened.

Black people developed the community land trust (CLT) model more than 50 years ago as a way to preserve and expand land holdings through collective ownership. Today there are at least 277 CLTs in the United States. Here’s how CLTs work for single family homes:

  • The CLT owns and develops the land and the trust is made up of community members.
  • A CLT purchaser buys the structure, and leases the land (at CCCLT, the lease is normally for 99 years).
  • Because the sales price is based on the structure and not the property, it is much more affordable than market-rate homes in the same area.
  • This allows for the family to build equity in the structure (i.e. generational wealth) and for the community to preserve affordability because when the home is resold, it’s done under a formula that splits the anticipated increase in property values to both the owner and the community as represented by the land trust.

Unlike the typical CLT, CCCLT recognizes the need not only for more affordable homeownership—but for subsidized apartments, incubator-like commercial spaces, community stewardship, and housing advocacy. For instance, our first major project was the co-development of the historic Pythian building in downtown New Orleans—which had been a mecca for Black-owned businesses, entertainment, and culture in the early part of the 20th century. We worked with co-developers to revitalize the building—which had fallen into disrepair—into 69 apartments, including 25 affordable workforce rate apartments. Unlike many affordable apartment projects that use tax credits and go back to market rate once their compliance time frame has passed, these 25 apartments are permanently affordable.

While the majority of CLTs are focused on single family housing, our equitable commercial developments give start-up entrepreneurs affordable leases, allowing the community to help preserve small family-owned businesses like Vaucresson. A recent Brookings report detailed the broad promise of commercial community ownership models, citing their ability to support the growth of local businesses and distribute wealth intergenerationally.

The importance of stewardship

For all the potential benefits, the redevelopment and co-ownership of brick and mortar buildings is inadequate without proactive community stewardship: intentional efforts to empower residents with information and tools to grow intergenerational wealth through higher incomes, asset appreciation, and entrepreneurship.

We recently completed the region’s first single-family CLT home community in the Lower Ninth (L9) Ward—where 90% percent of our buyers are Black, many are native to the neighborhood pre-Hurricane Katrina, and many are first-time homebuyers. The community stewardship with our future L9 buyers began long before these CLT homes were sold. Working with our partners, Home by Hand, Neighborhood Development Foundation, Capital One, HOPE Credit Union, and HomeBank, we trained prospective homebuyers on the CLT model of affordability, provided a 12-hour homebuying workshop, and direct counseling to improve credit issues. Research indicates that this third-party support and training can help residents withstand economic shock and retain homeownership.

Stewardship is also at the heart of the 1800 St. Bernard project. Vaucresson Sausage had been a robust small business before Hurricane Katrina, but when the family tried to access capital and assistance to redevelop their property in the wake of devastation, they were shut out along with many other Black businesses in the post-Katrina world. The Vaucresson’s do not need CCCLT’s help to run their sausage making business, but what we bring to the table is pre-development capital; relationships with funders, financiers, and the local real estate community; knowledge of real estate development; and help in growing their brand—with the ultimate end goal of growing intergenerational wealth. Now, Vance Vaucresson has that same knowledge, and as his partner, CCCLT will be there in the long term. Because of this partnership, 1800 St. Bernard will open in early 2022— featuring Vaucresson Café Creole and two permanently affordable apartments.

The Community Land Trust 2.0

This idea of the “CLT 2.0”—including a focus on renters and commercial spaces, not just single family homes—is gaining popularity throughout the nation. Black communities and other marginalized groups are evolving CLTs and expanding community ownership in real estate to fight structural racism and produce opportunities for wealth generation. CCCLT is proud to be part of the new movement.

You cannot pass a good time in New Orleans without serving good food—even during a pandemic. There should be no surprise about what we served at the “Rebirth of 1800 of St. Bernard”: Vaucresson hot sausage po-boys and their Creole jambalaya—the best New Orleans has to offer. But as good as our city’s cuisine is, CCCLT wants New Orleans to be known for more than just food and good times. We want to be known for how our city solves its affordable housing crisis, how we assist emerging, often under-resourced entrepreneurs of color, and how we help families and those entrepreneurs move toward generational solutions and generational wealth.

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Economics

Peter Schiff: Transitory Permanence

Peter Schiff: Transitory Permanence

Via SchiffGold.com,

The inflation that we were emphatically told would be transitory and unmoored continues to persist and entrench. As the troubles gather momentum Washington is doing its best to ignore..

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Peter Schiff: Transitory Permanence

Via SchiffGold.com,

The inflation that we were emphatically told would be transitory and unmoored continues to persist and entrench. As the troubles gather momentum Washington is doing its best to ignore the problem or actively make it worse.

The latest batch of data shows that the Consumer Price Index rose 5.4% in September, the 5th consecutive month that year over year inflation came in at more than 5%. The figure rises to 6.5% if we project the inflation levels of the first 9 months of 2021 to the entire calendar year. The last time we had to contend with numbers like these, Jimmy Carter was telling us all to put on our sweaters.

Recent developments should be sounding the alarms. Whereas earlier in the year inflation was largely driven by supercharged price increases in narrow sectors, such as used cars and hotel rooms, it’s now occurring in a much wider spectrum of goods and services.

In September, the cost of used autos fell month over month (but are still up 24% year over year), but that didn’t help the overall CPI, which saw increases just about everywhere else. Over the past 12 months: beef prices are up 17.6%, seafood prices up 10.6%, home appliances up 10.5%, furniture and bedding up 11.2%, and new cars up 8.7%.

Even more alarming is that oil is up over $80 per barrel for the first time in almost 10 years and many analysts see $100 in the near future. That has translated to more than a $1 increase in per gallon gasoline prices, a 50% increase in a year. Home heating oil prices are already up 42% year over year and are expected to spike up again when winter demand peaks.  For many low-income residents of the North and Upper Midwest, these types of increases could be very hard to bear, particularly if we have a cold winter.

As I have said many times before, the biggest flaw in the way we measure inflation (and there are many of them) is how the government deals with housing. While the Case Shiller Home Price Index is up more than 20% year over year, and national rents are up more than 12% over the same time frame, the CPI has largely ignored these increases in housing costs. Instead, the government relies on the dubious and amorphous concept of “Owners Equivalent Rent” which asks homeowners to guess how much they would have to pay to rent a house of similar quality to the one they to the one they own. Conveniently, that meaningless figure, which constitutes almost 30% of the total CPI, is only up 3% year over year. If actual rent increases were used instead, the CPI would be almost three full percentage points higher.

In fact, relying on the government to tell us the truth about inflation is a bit like asking high school students to grade their own report cards. There are countless incentives that exist institutionally for the government to underreport inflation. It allows them to make stealth cuts to Social Security, to create higher nominal incomes and capital “gains” to tax, and to minimize the interest rates it pays on over $28 trillion in debt as inflation. But since GDP is adjusted for inflation, it also makes economic growth appear higher than it really is.  The methodology for computing the CPI index was specifically designed to minimize the impact of rising prices. But I don’t believe that this is a conspiracy. Once you understand how institutional bias works, how careers are made by finding new plausible ways to underreport inflation, and how they are ruined by claiming the opposite, you can see how the numbers get farther away from reality with each passing year.

But the disconnect has become so obvious that top officials at the Federal Reserve and the Treasury Department have begun warning the public to prepare for higher prices. In her latest exercise of goal post moving, Treasury Secretary Janet Yellen said, “I believe that price increases are transitory, but that doesn’t mean they’ll go away over the next several months.” We can expect that months will soon turn into years, as the definition of “transitory,” gets ever more elastic.

This week the government announced that the inflation-adjusted cost of living increases for Social Security payments in 2022 will be 5.9%, the highest such increase since 1982. In addition to throwing yet another log on the government deficit fire, the increase is a direct admission that inflation is not going away.

Despite the marginal increase in wages that the Biden Administration likes to talk about, or the cost of living increases for our seniors, the average American makes less money. After adjusting for inflation real hourly earnings in the United States have dropped 1.9% so far this year. This is the stagflation that I have been warning about. Welcome back to the Carter Administration. We can expect Joe Biden to break out our sweaters if home heating bills get too high this winter.

Team Biden has been working overtime to suggest that the price increases and supply shortages are resulting from temporary bottlenecks at port facilities. Imports are particularly sensitive as our trade deficit has widened to record levels in recent months, making Americans ever more reliant on overseas goods. To combat the problem the Administration has ordered that some ports begin to operate 24 hours a day. (Left unsaid was the very fact that American ports – due to the strength of the Longshoreman’s Union – operate at very spare schedules versus foreign counterparts).

But the effect of this order will be far milder than the Administration hopes. Firstly, it is unclear how many port facilities will comply. Some have noted for instance that the Port of Los Angeles agreed to go 24 hours at only one of its six docks. (Currently, the wait time to enter that port is approaching three weeks). And secondly, most industry analysts note that the problem is not the hours of the dock facilities themselves but the shortfalls of the domestic trucking industry to move the goods once they arrive. Not only are we struggling with a lack of drivers, who struggle with government regulations that sharply limit the number of hours they are allowed to drive, but a lack of shipping containers to put back on the ships. Since many ships refuse to leave unloaded, which greatly reduces their profitability, America needs to first solve a host of problems to get the ports in better order.

But what we are seeing in a larger sense are the fruits of 15 years of bad investments in things that we don’t need and very little investment in the things we do. The ultra-low interest rates that have become the bedrock of our bubble economy have channeled investment capital into the wrong places. These low rates have encouraged corporations to borrow recklessly to buy back shares and inflate stock prices. Such moves have enriched shareholders but have done little to expand productive capacity.

Low rates have also led to runaway speculation in untested and unneeded industries. We have seen massive investments in social media, e-commerce, entertainment, cryptocurrencies, financial technology, and most recently Non-Fungible Tokens (NFT’s). As a result, we have really built out our capacity to post videos, buy things online, and pay for them in new ways. But we have invested comparatively little in boring industries like manufacturing, energy, transportation, and agriculture. As a result, we have all sorts of ways to buy stuff, and gimmicks for how to pay for it later, but we lack the capacity to produce and distribute all the goods we want to buy in the first place.

What’s worse is that given the current policies of the Biden Administration, none of that is going to change anytime soon. His expanded social safety net programs, overly generous unemployment benefits, higher taxes and regulation, and unneeded vaccine mandates are discouraging workers from working and employers from hiring. The American workforce is more than five million workers smaller than it was before the pandemic. That is not an accident. If the Democrats get their caucus together long enough to pass even a slimmed-down version of Biden’s Build Back Better plan look for all these problems to get worse.

With fewer workers working, supplies of goods and services have diminished. Government will look to replace the lost production with even more monetary and fiscal stimulus, which just leads to more inflation, financial speculation, and rising asset prices, largely benefiting the wealthy, and falling the hardest on the poor who have no appreciating assets to compensate for the rising cost of living.

But rather than fixing the problem, our current leaders are mostly worried about equity and diversity. The five leading candidates to replace Jerome Powell, if he is not renominated, all are either female or African American. Now I have no problems with hiring women or minorities in key positions. But if all your candidates come exclusively from those groups, then it’s clear that identity is more important than competency at this moment in time. But if there was ever a time that we needed competence, it’s now.

Tyler Durden Fri, 10/22/2021 - 09:10

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UK Banks – Digital Dinosaurs

UK Banks – Digital Dinosaurs

Authored by Bill Blain via MorningPorridge.com,

“Tuppence wisely invested in the bank…”

As UK bank reporting season kicks off, the dull, boring, predictable UK banks should look good. But the reality…

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UK Banks – Digital Dinosaurs

Authored by Bill Blain via MorningPorridge.com,

“Tuppence wisely invested in the bank…”

As UK bank reporting season kicks off, the dull, boring, predictable UK banks should look good. But the reality is they are dinosaurs – their failure to digitise and evolve leaves them vulnerable to tech-savy FinTechs and Challenger filling their niche. If the future of modern finance is a Tech hypersonic missile… British Banks are still building steam trains. 

Today see’s the start of the UK bank reporting season. Yawn….

I wrote a piece for the Evening Standard y’day – Another set of numbers to disguise the rot. (I’ve reused some of it this morning – lazy, eh?) Exactly as I predicted in that note, Barclays came in strong this morning with a decent lift from its investment banking businesses. Lloyds and HSBC will also produce acceptable numbers and limited losses on post pandemic recovery.  The sector outlook looks positive, the regulator will allow them to increase dividends, and there is higher income potential from rising interest rates.

But… would you buy the UK banks?

They face substantial market and ongoing pandemic risk. The cost of economic reality falls heavy across them all. This morning the headlines are about Medical groups screaming out for a renewal of lockdown measures to protect the NHS – a move that will 100% nail-on recession and cause multiple small businesses to give up. The threat of recession in the UK is pronounced – exacerbated by global supply chain crisis and risks of policy mistakes. The worst outcome for banks would be stagflation resulting in exploding loan impairments.

Lloyds is the most vulnerable to the UK economy – hence it’s underperformed the others. Even without renewed Covid measures, potential policy mistakes by the Bank of England in raising interest rates too early, or by government by raising taxes and austerity spending, will hit business and consumer sentiment hardest, causing the stock prices to crumble back towards its low back in Sept 2020 when it hit £24.72. It’s got the largest mortgage exposure – but no one really expects a significant housing sell-off. (When no-one expects it – is when to worry!)

If you believe the UK’s economic potential is under-stated, then Lloyds has the best upside stock potential among the big three. If the economy recovers strongly, Lloyds goes up. If it stumbles, then so will Lloyds!

Barclays is a more difficult call. It’s a broader, more diversified name. It retains an element of “whoosh” from its markets businesses – which have delivered excellent returns from its capital markets businesses fuelled by low rates, but it also runs a higher-than-average reputational risk for generating embarrassing headlines. But, when the global economy normalises, higher interest rates will impact the fee income of all the investment banks, thus impacting Barclays to a greater extent than Lloyds. Barclay’s international business gives it some hedge against a UK economic slide.

HSBC is the most complex call. The UK banking operation is a rounding error compared to the Bank’s Hong Kong business. The bank is pivoting towards Asia, orbiting China and other high-growth Far East economies where it seeks to attract rising middle-class wealth. It’s underperformed due to a distaste among global investors for its China business, but also the perception it’s just too big a bank to manage effectively.

If its China strategy was to pay off, it will be a long-term winner. But that’s no means certain – Premier Xi’s crackdown on Chinese Tech threatens to morph into a China first policy, and the space for a strong foreign bank in China’s banking system looks questionable, even as the developing crisis in real-estate could pull it lower.

Ok – so good for UK banks…

Whatever the respective bank numbers show this week, the banks will remain core holdings for many investors. Generally, big banks are perceived to be “relatively” safe. Regulation has reduced their market risk profiles, and strengthened capital bases since the post-Lehman unpleasantness in 2008 which saw RBS rescued by government.

Conventional investment wisdom says the more “dull, boring and predictable” a bank is, the more valuable it will be perceived in terms of stable predictable dividends, sound risk management, and for not surprising investors. Strong banks are perceived to be less vulnerable to competition with deep moats around their business.

Since 2008 that’s changed – in ways the incumbent banks have completely missed. The costs of entry have tumbled as banking has evolved into a completely different service. New, more nimble Fin-Techs like Revolut, digital challenger banks such as Starling, and cheaper foreign competitors, including the Yanks, are not only eating their lunch, but dinner as well.

The old established UK banks don’t seem to have a clue it’s happening. These incumbent banks look like dinosaurs wondering what that bright shiny light getting bigger in the sky might be. Despite proudly boasting of hundreds years of history, they are constrained by old tech ledger systems and never built centralised data-lakes from their information on individuals or the financial behaviours of crowds to improve and develop their services and income streams.

The future of banking is going to be about Tech and how effectively banks compete in a marketplace of online digital facilities and services. Banks that you use tech smartly will see their costs tumble, freeing up resources to do more, better! (When I ran a major bank’s FIG (Financial Institutions Group) about 100 years ago – the best banks were those with lowest cost-to-income ratio!)

There is an excellent article outlining FinTechs and Challengers from Chris Skinner this morning: Europe’s Challenger Banks are Challenging (and worth more than the old names). Let me pluck a bite from his piece: “Revolut is the most valuable UK tech start-up in history and the eighth biggest private company in the world, worth an estimated US$33 billion, according to CB Insights. Revolut has more than 16 million customers worldwide and sees over 150 million transactions per month.”

The new generation of nimbler Fin Techs and Challengers can innovate product offerings with sophisticated new systems and software. In contrast, UK bank IT departments are engaged in digital archaeology.  I understand only 17% of Senior Tech positions are held by women. Within the banks, I’m told its still a boys club, where the best paid IT jobs are for ancient bearded D&D playing coders brought into to patch 50 year-old archaic systems. Legacy systems leave the big banks with impossible catch up costs.

It’s probably unfair to say the big UK banks don’t know what’s happening – their management can’t be that unaware? Surely not…. But…. Maybe..

Although the banks brag how well diversified they are with over 37% of UK board members female – how much have they really changed? Hiring on the basis of diversity is a fad. At the risk of lighting the blue-touch paper and this comment exploding in my face, I would hazard to suggest the appointment of senior ladies who’ve worked their way up the existing financial system simply risks confirmation-bias on how things are conventionally done in banking.

They might do better hiring outside movers and shakers – rather than listening to themselves.

The bottom line is its not just their failure to innovate tech that’s a crisis. Over the years the UK banks have become increasingly sclerotic – slow to shift and adapt. The middle to senior levels of banking are hamstrung by bureaucracy, a satisficing culture, stifled innovation, a compliance fearful mindset, and senior management fixated on impressing the regulators first and foremost.

If the future of modern finance is a Tech hypersonic missile… British Banks are still building steam trains.

Tyler Durden Fri, 10/22/2021 - 05:00

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