Bank’s CEO reveals why he left a life on the ‘dance floor’
JOSEPH Healy, the co-founder of Judo Bank, has spoken for the first time since stepping down as CEO to work on a new venture in the mental health arena.
Speaking from his home in Sydney, Australia, as a guest on The Go Radio Business Show with Hunter and Haughey, Edinburgh-born Mr Healy revealed his lifelong passion for the banking industry.
“I believe passionately in what banking does,” he said. “I’m not proud of what banks have done reputationally over the past 10 to 20 years, but the role they play in the economy is important to me.
“They are a privileged industry, and the way they allocate capital to businesses, in particular, is something I was always fascinated by. I loved the helicopter view banking gave you about the local, national economy and global economy.
“So I fell in love with that whole industry, but was fascinated by this role rather than the way the institutions evolved over time.”
Show host Lord Willie Haughey wanted to know, after so many years as part of the system, what had sparked the desire to do something different and start Judo, a specialised bank focused on small to mediumsized businesses.
“I was in my early 50s and on the shortlist to become CEO of a bank and it went to somebody else. Okay, that happens. I decided to leave, which was the right thing to do. I took a sabbatical year in China at the University of Nottingham in Ningbo.
“I used that year not just to understand Chinese culture and history, which I’m passionate about, but also think about what I wanted to do for the next 10 years.
“We all spend our lives on the busy dance floor and when you go to somewhere like a university, you can get off the dance floor onto the balcony and spend time thinking about things.
“I had job offers in the Middle East and Hong Kong, but I thought, what if I’m going to look back in 10 years and there’s a big regret?i don’t want to live a life of regrets.
“Now, I’ve had a successful career but the thing that kept on coming back to me was there’s something missing here and I’m not going to be happy unless I fill that gap.
“I was always passionate about the role banking has in our lives, but deeply dissatisfied and disillusioned with the way banks were operating in Australia and the UK. That prompted me to think about building a new bank I wanted to work in, that was focused on a segment of the economy I felt had been totally neglected by the big banks: small to mid-sized businesses.
“I thought: ‘I’m going to take a risk. If it fails, I’m going to be ruined, but I don’t want to look back on my career and wish I’d done that’.”
Co-host Sir Tom Hunter was keen to know about his thoughts on business mentorship, adding: “Almost every successful person I’ve met, their journey starts with a teacher, or maybe a mum or dad, family, then a business mentor. Nobody gets there themselves.”
Mr Healy said: “I agree 100%. We all have talent but you need somebody to spot something that’s innate in your personality and work ethic then bring it to life and make you realise you might have special talent.”
Mr Healy also spoke about the challenges he faced in raising capital for Judo, notching a total of 87 meetings before attracting the first investor
“There’s a question of being persistent and resilient. Determination is really important and you build that up over experience.
“People said to us nine out of 10 start-ups fail, which is true. But people underestimate the power of an experienced entrepreneur: somebody who’s run businesses, who understands businesses and risk, and is passionate about what they’re trying to do, with a strong sense of purpose.”