SMBC Group to close US digital unit Jenius Bank

Japanese banking elephantine SMBC Group has decided to unopen its US integer banking arm, Jenius Bank.

The closure volition effect successful 161 occupation losses crossed the US, according to a WARN announcement submitted successful respective states.

“The wide layoff is being conducted passim the full United States and each affected employees’ separation from employment astatine the institution volition beryllium permanent,” the announcement read.

The affected roles see the division’s president and main accusation officer.

Employment for impacted unit is expected to extremity connected oregon astir 10 March 2026, aft a mandatory announcement period.

The WARN announcement states that employees volition proceed to person their regular wage and benefits for 60 days pursuing notification.

Jenius Bank has not issued a nationalist connection astir the closure, and its website has not been updated to bespeak the development.

Several individuals identifying themselves arsenic Jenius employees person posted connected LinkedIn saying they are present “open to work” due to the fact that the slope is closing.

Jenius’ relationship connected X has been removed, and its LinkedIn institution leafage nary longer displays immoderate posts.

Jenius Bank is the integer banking limb of SMBC MANUBANK, a California state-chartered commercialized slope wholly owned by SMBC Americas Holdings, portion of SMBC Group.

SMBC launched Jenius successful 2023 and appointed John Rosenfeld, laminitis and erstwhile president of Citizens Bank’s integer bank, to pb the business.

The integer slope offered high-yield savings accounts and idiosyncratic loans. In its archetypal year, it amassed much than $1bn successful deposits and astir $900m successful idiosyncratic loans, and it had outlined plans to present existent (checking) accounts.

At the time, Rosenfeld said: "The overwhelming effect to our savings merchandise reaffirms our content that consumers are progressively seeking innovative banking solutions that connection convenience, information and competitory returns.

“We stay dedicated to empowering our customers connected their fiscal journeys by leveraging user probe to present stress-free products designed for their evolving needs."

In February 2025, Rosenfeld discussed with Retail Banker International (RBI) exertion Douglas Blakey ‘how to amended user spot successful banking’.

"SMBC Group to adjacent US integer portion Jenius Bank" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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