The bank defended the hiring, saying Booth was a contractor and not a full-time employee, and that he had been thoroughly vetted. The bank said it had terminated his contract following his conviction being revealed to management.
Despite these challenges, the Bank of London remains optimistic about its future. It recently announced plans to expand into the US market, aiming to capture a larger share of the global settlement and clearing market. The bank has also emphasized its commitment to innovation and its unique business model, which it believes sets it apart from traditional lenders.
As the Bank of London navigates through these turbulent times, it remains to be seen whether it can overcome its current challenges and fulfill its vision of becoming a major player in the fintech industry. With new leadership in place and fresh funding secured, the bank is determined to prove its critics wrong and establish itself as a successful and sustainable financial institution.