Jono Jones quit banking to work with his brother

Jono Jones opens up about his former life working in banking. Jono breaks down what he actually did day to day, why he rarely talks about it, and what finally made him quit to work full-time alongside his brother Matt Jones.

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now I I really want to talk to you even though you 
probably don’t want to talk about it about your   job in the city because I think that you probably 
don’t talk about it because you probably don’t   think people find it interesting because because 
it’s my thing yeah because this is biking and it’s   like the fun thing that you do and you probably 
think that people wouldn’t be interested whereas   I know people are super interested you always just 
reply with I and I work in banking yeah what does   that mean actually um I’ve had a few different 
roles that the bank I’ve worked for past tense   now um some have been in Risk some have been 
in what you call like portfolio management the   last few years has been in lending to energy 
and infrastructure businesses or projects so   Banks money is simp like a typical Bank not 
an investment bank’s money is made through   having loads of deposits they pay a small 
percentage to you to hold and then they’ll   use that money to lend to businesses at a 
higher percentage and the net interest margin   the difference between those two percentages is 
their income understood so that’s specifically   talking about lending for projects is that 
the last one that you working so yeah so my   role is on the lending side um to selective 
infrastructure and energy businesses that   would approach the bank either the themselves 
or through an advisory company looking to raise   money to build for example a wind farm or a solar 
farm or to refinance their existing debt say it’s   a port or a Ferry company or a fiber Network 
anything in infrastructure or energy um and we   would analyze that business see if they have the 
ability to repay um the money that we’re going to   lend them try and understand the key risks work 
out what the pricing should be relative to those   risks are you the margin that they’re going to 
pay um and there’ll be a lot of what we call due   diligence provided from third party people around 
the legals of the I like saying due due diligence   I like say yeah it’s really nice yeah is really 
nice I don’t feel like I ever have the need to   say it in my life but I like when I do say it say 
it again have you done your due due diligence nice   thanks um and you get a financial model which 
is just a Excel document with like hundreds of   so is this the most complex Excel document ever 
they’re wild how yeah um complicated they are but   that’s what you use to run different scenarios 
of the business based on macroeconomic inputs   like interest rates inflation things like that or 
inputs relative to the business so literally wind   speed or downtime for wind turbines if it was that 
or the amount that the sun is shining if it’s a   solar farm and then you can look at how they’ll 
perform based on that for years to come okay so   this let’s just say it’s the solar farm they’ve 
approached uh who do they go to and when does   it reach you they typically talk to an advisory 
company that has relationships with the banks and   together would structure A lender friendly 
proposal so something that the banks would   typically say yes to um and then that’s when it 
will be sent to the banks and we’ll look at it and   then you’ll submit terms back to that customer on 
what the proposed margin might be what different   contractual Arrangements we would propose in in 
response to that and then they’ll have a short   list of potential Banks to work with but a lot of 
these companies want to borrow an awful lot and   they’ll need to select multiple Banks to lend them 
that much it won’t come from one it will come from   a club or so it gets like horrifically complicated 
and all those Banks need to align on the terms CU   it’ll be the same contractual structure across 
all of them do you feel like you really know   100% what every aspect of it or do you you know 
a really specific bit of it um you get that like   there’s so many companies taking fees throughout 
the slice like there’s lawyers helping to arrange   the legal side taking fees there’s people who 
are experts in solar panels telling the bank   and customer that you’re doing the right thing 
you’re selecting the right technology they’re   taking fees the banks want fees it’s like 
by the time you get to the end there’s so much knowledge has been pumped in at a price that 
everyone’s sort of sharing that out but do I know   what I’m talking about no I didn’t I haven’t done 
it for that long and doing something else but I   I really enjoyed it learn loads work with some 
really really clever people so what so now just   if you imagine you were talking to maybe a I was 
going to say a child like a child or or a Labrador   and you’re explaining yeah golden retriever 
yeah yeah so what does your actual day look like   because this is what I always think when you speak 
to someone who’s got a job that probably you’re   not going to understand they have to give you 
this watered down version and they have to talk in   like broad terms and make it so you understand as 
much as you can yeah you know like you’re trying   to get give information but not you can’t go into 
specifics but I never know what it actually means   like okay what what actually you do day to day 
so the aim of the game when with the if you’re   working as a as I was on the ground trying to put 
a deal together is going through hundreds of pages   of this due diligence and a really complicated 
financial model to try and write an investment   paper or what we call a credit committee paper 
that you’ll present to a team that works within   the bank that will either say yes or no okay so 
you got to make take all of that massive masses   of information pull out the key Parts the key 
risks present that in a concise way to try and get   an approval so there’s still quite a lot of room 
for like human error in it there’s quite a lot of   room then even if it goes through a team with you 
involved there’s still a lot of like things that   could change or go wrong or like mess up or yeah 
but that a strong proposer will try and cover for   all of those risks including the business risks 
that ultimately you’re lending to you’ll look at   multiple different scenarios to ensure that if 
the unthinkable happens in the world then we’re   covered yeah but I don’t do that anymore now I 
work for my brother yeah with my brother yeah my   brother that’s very cool that’s very cool do you 
hate talking about did you you enjoyed working   the city didn’t you yeah loved it really just the 
people I worked with I was fortunate they all very   patient gave me a lot of support and taught me you 
know yeah that’s I think that’s really valuable   to not be left alone and to have people willing to 
answer questions no matter where you work whatever   industry it is that’s um super powerful similar to 
if you go riding with people more senior to you or   better than you if they’re willing to explain how 
to hit a jump suddenly you’re weeks further along   aren’t you than working it out the hard way 
way getting injured getting something wrong   trying again yeah you know it’s like any Walk 
of Life just having someone that’s willing to   take the time is so valuable yeah absolutely I 
was fortunate to have that so yeah oh it’s Mega   interesting you work because you work in numbers 
in risk and then you work in in mountain biking   also kind of INE there’s elements of risk that 
you’re like weighing up but it’s quite different   is it a hard line comparing the two I don’t I’ve 
I’ve thought about this answered questions on it   before but okay okay hey man what an episode that 
was you did amazing in it and so did you you Shawn   like a star you Sean like a moon can we also put 
something up here that you can click on for the   next episode how about we put a subscribe up there 
in the middle yeah we’re going to put a video we   think that our lovely companionship will love 
on your face on my face yeah can’t see me now   gone and on my face another video that we think 
people will love and thank you for watching thank   you for listening please hit like And subscribe 
you guys are the best peace and love [Music]