Neo banks kark it

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Via Banking Day legend Ian Rogers:

‘You need a mortgage back book. You need a back office. You need ME!’

This was the pitch from Kim Cannon, the resilient (if aggravated) CEO of non-bank pioneer Firstmac in Brisbane. Plenty around finance have heard similar from Cannon, a near 40-year veteran of fact and fiction around banking disruption in Australia.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.