The overachieving digibank paying £160k salaries in London
Success in current market conditions is difficult, and few are pulling it off better than OakNorth Bank. The London based fintech unicorn recently revealed it had pre-tax profits of $187.4m (£152.3m) in 2022. Their net costs are notably low at just 26% of revenues, The Times notes that this compares to 58% and 64% at NatWest and HSBC respectively.
How does OakNorth do this? It helps that it only has around 146 employees, creating a profit of almost $1.3m (£1m) per employee. Employees at Stripe, for reference, generate closer to $400k each.
Those large profits mean there's a big benefit to working for OakNorth, whose employees command massive pay packages comparative to other top London fintechs. The average salary at the company in 2022 was £164k ($200k).
OakNorth's generosity is all the more surprising given their prominence in the real estate market, which has been on a general downtrend due to rising interest rates. CEO Rishi Khosla said he expected OakNorth to outperform the market and those results appear to put his money where his mouth is.
They were also reportedly the second choice to acquire Silicon Valley Bank's UK division behind HSBC who ultimately did so.
OakNorth are currently hiring for 51 positions, 18 of which are in their London office. Their risk division appears to be the focus of their senior hiring, with two director positions and a chief risk officer opening available in London.
In the CRO listing's job description, the fintech describes itself as entering "'Chapter 2' of OakNorth's great story."
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