Commentary

Think banks face tough competition now? Just wait for tokenised money market funds

Tokenised MMFs could be a major threat to bank deposits

What happens to bank profits if billions heads elsewhere?
What happens to bank profits if billions heads elsewhere? Illustration: FN Staff/Getty Images

David Wighton is a columnist for Financial News

Mainstream banks have lost serious chunks of market share in recent years. Fintechs have made big inroads into banking for smaller businesses; private credit funds are taking over banks’ lending to medium-sized companies; and specialist firms such as Jane Street and Citadel have grown as big as the Wall Street giants in securities trading.

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110-Hour Workweeks Drove Young Bankers at a Boutique Firm to the BrinkExternal link

110-Hour Workweeks Drove Young Bankers at a Boutique Firm to the Brink