Former bank chief executive , David Jenkins , has said that half of all banking jobs and branches could be gone within the next 10 years , due to the impact of smaller competitors entering financial services ; at Barclays alone , that would result in a loss of 700 UK branches , and 66,000 jobs globally . A large amount of capital is being invested in the new firms, he said, and they could soon become household names among their customers. He said that the big banks will struggle to keep up with the pace of technological change , which is being driven by new entrants to the market . The impact of these changes will also mean an end to the high pay that they currently receive . He described the precarious state of the UK banking system , in light of these imminent changes , as being close to its " Uber moment " .
Former bank chief executive , David Jenkins , has said that half of all banking jobs and branches could be gone within the next 10 years , due to the impact of smaller competitors entering financial services ; at Barclays alone , that would result in a loss of 700 UK branches , and 66,000 jobs globally . He said that the big banks will struggle to keep up with the pace of technological change , which is being driven by new entrants to the market . The impact of these changes will also mean an end to the high pay that they currently receive . He described the precarious state of the UK banking system , in light of these imminent changes , as being close to its " Uber moment " .