Jenius Bank News

More than 50% of people say finances are causing stress, anxiety or feelings of depression LOS ANGELES, June 24, 2024 – Jenius Bank, the digital banking division of SMBC MANUBANK and a member of the SMBC Group, today unveiled the findings of its new survey, The Mind-Money Connection: How Managing Your Finances Can Make You Happier, revealing the tangible ways consumers’ financial situations intertwine with our mental health and wellbeing. The report, which surveyed more than 4,000 U.S. consumers*, comes as Americans face a wave of significant financial hurdles, from persistent inflation to rising debt to the increasing uncertainty of retirement. As the data shows, financial pressures – among many others – are causing stress and anxiety that may impact nearly every facet of people’s lives, from their relationships to their physical health to plans for the future. “We’re deeply invested in identifying ways to help Jenius Bank customers feel more secure with better products and resources that help minimize or alleviate common financial stressors,” said John Rosenfeld, President of Jenius Bank. The report reveals what respondents believe it means to live richer lives in 2024, how financial stress manifests, and the ways in which these consumers receive and seek out financial advice. In the past, being “rich” might have been described as splurging on fancy cars and lavish homes, but in 2024, the true meaning of living a rich life reflects a new way of thinking about finances: Richness, Defined: Not having financial debt (33.4%), retiring early without concern of running out of funds (33.1%), and establishing generational wealth (27.8%) were the top definitions of “rich” among those surveyed. Wealth Perception Gap: Most respondents (80%) do not consider themselves rich, but 32% said others consider them to be, indicating they don’t see themselves as affluent as others may perceive them. How Financial Stress Manifests: Over 50% of respondents say finances make them stressed and cause anxiety and/or feelings of depression, also reporting loss of sleep (52.8%), feelings of guilt or hopelessness (41.4%), regular headaches (32%), and strained relationships with friends/family (30.1%). The Ripple Effect of Financial Stress: Approximately 1 in 4 respondents said financial concerns have impacted their decision to have children, 36.2% would consider moving to a less expensive new location because of them, and 55% of unmarried respondents say they’re less likely to get married due to their financial worries. Seeking out Financial Advice: Social media is increasingly influential, with 20% of respondents participating in viral money management trends such as “quiet luxury” and “loud budgeting.” Additionally, 65.7% of that cohort reported improved feelings about their finances from participating in these trends. "When you feel financially secure, it helps to boost your confidence and peace of mind. On the flip side, financial stress may take a heavy toll on your mental and emotional health,” said Julie Guntrip, Head of Financial Wellness at Jenius Bank. “It's crucial for banks to recognize this connection between financial and mental wellbeing, and that starts with ensuring consumers have the knowledge they need to help live richer lives." To read more insights from The Mind-Money Connection report, and for tips on how to build confidence and practice better financial hygiene, visit www.jeniusbank.com/mind-money-connection. To learn more about Jenius Bank, go to www.jeniusbank.com/. *Methodology The survey collected responses from 4,025 United States residents between the ages of 25 and 55. Approximately 2,012 respondents (one-half) fell between the ages of 29 and 44, or the “Millennial” generation. Each respondent reported an annual household income (HHI) of $100,000 or higher. The survey was conducted online via Propeller Insights, a full-service market research company. Propeller Insights facilitated the recruitment of the participants, deployment of the survey and collection and delivery of the raw data. Data collection began on April 2, 2024 and concluded on April 9, 2024. Any data collected is solely utilized for the purposes outlined in the agreement between Jenius Bank and Propeller Insights. This survey recognizes certain limitations in its design (such as question wording) and data collection methodologies (such as practical difficulties in conducting surveys). While we have employed robust techniques to ensure accuracy, it is important to note that all survey research may involve unmeasured variables and errors that could influence the outcomes. About Jenius Bank Jenius Bank has a mission to help people live a richer life through actionable insights and innovative tools powered by first class technology. Jenius Bank currently offers personal loans and high-yield savings accounts, with a mobile app launching in the coming months. Jenius Bank is the digital division of SMBC MANUBANK, a California state-chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. To learn more information about Jenius Bank, visit www.jeniusbank.com. About SMBC Group SMBC Group is a top-tier global financial group headquartered in Tokyo. With a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. SMBC Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. As of December 31, 2022, its total assets were $1.99 trillion. In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by its capital strength and the value of its relationships in Asia, SMBC Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. SMBC Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com. About SMBC MANUBANK SMBC MANUBANK is a wholly owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group—a global leader in finance and innovation. SMBC MANUBANK delivers tailored financial solutions, combined with first-class technology and a client-first service model. Our trusted advisors bring decades of commercial banking experience in diversified industries and specialty banking. SMBC MANUBANK’s digital division, Jenius Bank™, offers consumers tools and insights to better manage their personal finances and grow wealth. Headquartered in Los Angeles, California, SMBC MANUBANK also has offices in Beverly Hills, Brea, Encino, Glendale, Newport Beach, San Jose, and Torrance. For more information, visit www.smbcmanubank.com. Press Contact: SourceCode Communications jeniusbank@sourcecodecomms.com Jenius Bank is a member of SMBC MANUBANK. Member FDIC.

The new digital banking division of SMBC MANUBANK hits milestone by deeply understanding consumers’ needs and empowering them with a market-leading rate LOS ANGELES, May 28, 2024 – Jenius Bank™ the new digital division of SMBC MANUBANK, a wholly-owned subsidiary of SMBC Americas Holdings, Inc., hit a milestone last week, reaching $1 billion in deposits for its high-yield savings product. Currently offering a market-leading rate of 5.25% APY, the Jenius Savings product is designed to empower customers to take control of their financial future and achieve their financial goals with greater ease and flexibility. Jenius Bank’s digital banking business launched in the summer of 2023 and has experienced growth across both its products currently in market. Reaching $1 billion in deposits and over $700 million in loans, all before Jenius Bank’s first anniversary, clearly illustrates that consumer preferences are evolving, and the financial services industry needs to evolve with them. "The overwhelming response to our savings product reaffirms our belief that consumers are increasingly seeking innovative banking solutions that offer convenience, security and competitive returns,” said John Rosenfeld, President of Jenius Bank. “We remain dedicated to empowering our customers on their financial journeys by leveraging consumer research to deliver stress-free products designed for their evolving needs." Americans that are not taking advantage of a High-Yield Savings Account (HYSA) like Jenius Savings, are missing out on billions of dollars they could be earning with a better rate. That lack of financial optimization could be causing consumers unnecessary stress. Jenius Bank is dedicated to helping advance consumers’ financial and life goals, reducing stress with every product offering. “Jenius Bank’s portfolio is a cornerstone of our strategic vision for SMBC's long-term roadmap,” said Hirofumi Otsuka, CEO of SMBC Americas Division. “This new U.S. consumer business is a testament to SMBC’s commitment to driving sustainable growth, diversifying our business, and creating exceptional products that meet the needs of the modern-day consumer." With a startup mindset and a rich banking history, Jenius Bank aims to continue providing consumers with the tools they need to live a richer life. Currently, Jenius Bank offers both a savings and personal loan product, with plans to expand its products and features in the future. To learn more about Jenius Savings and Personal Loan options, please visit jeniusbank.com. About Jenius Bank Jenius Bank has a mission to help people live a richer life through actionable insights and innovative tools powered by first class technology. The bank currently offers personal loans and high-yield savings accounts, with a mobile app launching in the coming months. Jenius Bank is the digital division of SMBC MANUBANK, a California state-chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. To learn more information about Jenius Bank, visit www.jeniusbank.com. About SMBC Group SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 150 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and ADRs on the New York (NYSE: SMFG) stock exchanges. In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com. About SMBC MANUBANK SMBC MANUBANK is a wholly owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group—a global leader in finance and innovation. SMBC MANUBANK delivers tailored financial solutions, combined with first-class technology and a client-first service model. Our trusted advisors bring decades of commercial banking experience in diversified industries and specialty banking. SMBC MANUBANK’s digital division, Jenius Bank™, offers consumers tools and insights to better manage their personal finances and grow wealth. Headquartered in Los Angeles, California, SMBC MANUBANK also has offices in Beverly Hills, Brea, Encino, Glendale, Newport Beach, San Jose, and Torrance. For more information, visit www.smbcmanubank.com. Press Contact: SourceCode Communications jeniusbank@sourcecodecomms.com Jenius Bank is a division of SMBC MANUBANK. Member FDIC.

Tailored specifically to meet consumer demand, Savings marks the digital bank’s latest offering in a roster of upcoming new services  LOS ANGELES, November 7, 2023 - Jenius Bank™,  is the digital division of SMBC MANUBANK, a California state-chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group, announced the launch of its latest offering - the Jenius Bank Savings Account. This new product, which comes to market following the recent launch of Jenius Bank Personal Loans, is designed to empower customers to achieve their financial goals with greater ease and flexibility.   According to the Wall Street Journal, Americans are missing out on billions they could be earning with a better rate. With such an overwhelming consumer gap, Jenius Bank used its extensive and ongoing consumer research program to understand what a new savings product could do to help advance consumers’ financial and life goals and reduce stress.   As a result, Jenius Bank is offering a market-leading rate, ensuring that customers' hard-earned money grows at an accelerated pace. ​​    Key features of the Jenius Savings Account, in addition to the ​​market-leading rate, include:    ​​​No Minimum Balance Requirement: Customers can grow their savings on their terms.  Accounts can be opened with as little or as much as they want.   FDIC Insured Funds: To prioritize the safety and security of customer funds, deposits are FDIC insured up to the maximum allowable by law.  Deposits at Jenius Bank and SMBC MANUBANK are combined for the purpose of calculating FDIC insurance limits.  Around-the-Clock Customer Service: Jenius Bank’s customer service is 100% digital for those who prefer it, and 100% human when customers want it, providing 24/7 access to U.S based customer care, by phone or online chat.   No fees: Unlike other banks, savings accounts through Jenius Bank will not have any fees.  No monthly, withdrawal, inactivity, overdraft, account opening or closing, or excessive transaction fees, enabling customers to save even more.   Continuous Fraud Monitoring: Customers can rest easy knowing that Jenius Bank monitors against fraud day and night, all year.    "Jenius Bank’s goal isn’t to create just another savings account option. We wanted to put something in-market that truly addressed the top needs of consumers in today’s climate,” said John Rosenfeld, President of Jenius Bank. "We’ll continue to take this approach in developing the rest of our product suite as a further commitment to giving our customers the tools they need to empower themselves with smarter banking to create a richer life for themselves."  This launch comes just months after Jenius Bank’s inaugural launch of personal loans, demonstrating the rapid growth the new digital bank is experiencing. The Jenius Bank Savings Account is available to both existing and new customers, and they can open an account at www.jeniusbank.com.    “We’re committed to crafting all of our products with great consideration for the insights we receive from our consumer research, and this savings launch is no exception,” says Andrew Harris, Managing Director and Head of Product at Jenius Bank. “From the early days of development, we understood the need for competitive rates and flexibility needed in a savings account, and will continue to prioritize our consumer insights to inspire features for future rollouts.”  To learn more about Jenius Bank Savings and Personal Loan options, please visit www.jeniusbank.com.    About Jenius Bank   Now open to customers, Jenius Bank has a mission to help people live a richer life through actionable insights and innovative tools powered by best-in-class technology. The bank currently offers personal loans and a savings product, with a mobile app launching in the coming months. Jenius Bank is the digital division of SMBC MANUBANK, a California state-chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. The Jenius Bank team works primarily remotely ​​with employees in 39 states, but also maintains offices for team collaboration in Phoenix, Arizona; Los Angeles, California; New York, New York; and Charlotte, North Carolina. To learn more information about Jenius Bank, visit www.jeniusbank.com.   ​​​About SMBC Group  SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 150 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and ADRs on the New York (NYSE: SMFG) stock exchanges.    In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com.  About SMBC MANUBANK  Founded in 1962, SMBC MANUBANK is a California state-chartered commercial bank based in Los Angeles and is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. SMBC MANUBANK serves the specialized needs of middle-market businesses, manufacturers, wholesalers, distributors, importers, exporters, and service companies. For more information, please visit www.mbmanubank.com.  This document may contain forward looking statements, which may include projections, forecasts, income estimates, yield or return, future performance targets, or similar analysis. Any such forward-looking statements, prices, indices, or measures are based upon certain assumptions. All forward-looking statements are based on the information available at the time the document was prepared, and Jenius Bank is not obligated to provide an update. Actual events may differ from those assumptions or available information. Any opinions, projections, price/yield information or estimates are subject to change without notice. There can be no assurance that any estimated returns or projections will be realized, that forward-looking statements will materialize, or that actual results will not be materially different from those presented herein. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. The value, price or income from transactions or strategies may fall as well as rise.   Press Contact:  Bianca Repasi  SourceCode Communications   jeniusbank@sourcecodecomms.com  

Offering marks bank’s first consumer product in a roster of upcoming new services LOS ANGELES, July 11, 2023 - Jenius Bank™, the digital banking division of Manufacturers Bank, a California state chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group, today announced the launch of personal loans, its inaugural product. Jenius Bank intends to become a full-service bank for the U.S. market with additional offerings in the coming months, including a savings product and mobile app. Data shows that 78% of millennials are frustrated with traditional banking processes and 81% would like their bank to make suggestions about their financial goals, demonstrating the need for a holistic new approach to deliver personalized banking experiences. “Jenius Bank’s personal loans launch continues to fuel our mission to empower customers with smarter banking to create a richer life for themselves,” said John Rosenfeld, President of Jenius Bank. “Personal loans offer the ability for customers to save thousands on higher-rate debt. In an environment where many are looking to save and pay down debt, our personal loans with flexible terms and discounted rates are a great option.” Jenius Bank will also use best-in-class technology to make mastering personal finances easier by allowing aggregation of all money management in a forthcoming easy to use app. As financial services become more and more driven by advanced technologies, Jenius Bank aims to show customers how they can benefit from the power of data, while still maintaining a strong element of humanity in its banking relationships. Jenius Bank personalizes banking using an established and extensive consumer research program that drives product designs with direct customer input. Keeping the customer top of mind, Jenius Bank also offers U.S.-based 24/7 first-class customer support online or by phone. “The introduction of personal loans launches Jenius Bank toward building a full-service suite of products that re-imagines what the industry looks like today,” said Andrew Harris, EVP, Head of Product at Jenius Bank. “At Jenius Bank, our goal is to create personalization, merging the advancements of technology with a consumer-first approach. We use leading technology to provide customers with a banking experience that is built on their data and preferences. Unlike many traditional banks, our products are specifically made to best meet customer interests, jointly working with them toward their financial goals.” To learn more about Jenius Bank and its personal loans, visit www.jeniusbank.com.  About Jenius Bank Now open to customers, Jenius Bank has a mission to help people build a richer life through actionable insights and innovative tools powered by best-in-class technology. The bank currently offers personal loans, with a savings product and mobile app launching in the coming months. Jenius Bank is the digital division of Manufacturers Bank, a California state chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. The Jenius Bank team works remotely across 23 states but also maintains offices for team collaboration in Phoenix, Arizona; Los Angeles, California; New York, New York; and Charlotte, North Carolina. To learn more information about Jenius Bank and to join its waitlist for checking and savings products, visit www.jeniusbank.com.   About SMBC Group SMBC Group is a top-tier global financial group headquartered in Tokyo. With a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. SMBC Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. As of December 31, 2022, its total assets were $1.99 trillion. In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by its capital strength and the value of its relationships in Asia, SMBC Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. SMBC Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com.  About Manufacturers Bank Founded in 1962, Manufacturers Bank is a California state-chartered commercial bank based in Los Angeles and is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. Manufacturers Bank serves the specialized needs of middle-market businesses, manufacturers, wholesalers, distributors, importers, exporters, and service companies. For more information, please visit www.manufacturersbank.com.  This document may contain forward looking statements, which may include projections, forecasts, income estimates, yield or return, future performance targets, or similar analysis. Any such forward-looking statements, prices, indices, or measures are based upon certain assumptions. All forward-looking statements are based on the information available at the time the document was prepared, and Jenius Bank is not obligated to provide an update. Actual events may differ from those assumptions or available information. Any opinions, projections, price/yield information or estimates are subject to change without notice. There can be no assurance that any estimated returns or projections will be realized, that forward-looking statements will materialize, or that actual results will not be materially different from those presented herein. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. The value, price or income from transactions or strategies may fall as well as rise. Press Contact: Bianca Repasi SourceCode Communications jeniusbank@sourcecodecomms.com

Preliminary rendering of collaborative working space at the Phoenix office. Image provided by Forward Tilt. In 2022, Jenius Bank opened its first office in Charlotte, North Carolina. As our team expanded, we looked for opportunities to open another office. We considered several cities, and the Phoenix area rose to the top of the list for a variety of reasons: its established infrastructure to support our business needs, access to top technology talent, and a high quality of life, to name a few. In 2021, Phoenix was named one of the top 50 cities to live in by U.S. News & World Report. Phoenix is home to many financial and tech companies, placing Jenius Bank in good company. Admittedly, Phoenix is quite warm in the summer months, but many consider the desert climate a plus and a major reason to move there. Technically the office is in Scottsdale, only 20 minutes from downtown Phoenix. If you’re familiar with Scottsdale, it’s home to several trails and parks that are perfect for hiking and camping, great restaurants, and top-notch golf courses. But rest assured, the team will be hard at work building Jenius Bank and rolling out lots of new products. If their golf games happen to improve, it’s only a coincidence! Connecting with Top Talent Our Chief Information Officer and his team will be based in Phoenix. With several products in the pipeline for 2023 and 2024, the tech team will be growing quickly, and the new office gives Jenius Bank the ability to add experts to our team. "Phoenix has been growing as one of the largest tech talent pools in the country, and we have been able to attract a large number of tech people to Jenius Bank from the Phoenix area,” says Anish Jacob, Chief Information Officer. This talent will have experience from multiple industries, including finance, technology, and data. Drawing on these different experiences, new team members can offer insights on growing and maturing our business. Nearby universities also have hundreds of students earning finance-related degrees and will allow us to recruit fresh and eager graduates. Most Phoenix employees will be part of our engineering, development, and technology teams, but employees in other back-office departments that live in Phoenix can also take advantage of the office space. For junior team members, the office gives them in-person connections with senior employees to help them grow their skills. “If I’m hiring a junior software developer, for example, with less than three years of experience, working a hybrid schedule out of the Phoenix office is a great way for them to be mentored by more senior developers and get entrenched in the company culture,” says Clayton Sierra, a Senior Recruiter for Jenius Bank. Padmaja Kodavanti, Head of Engineering, is looking forward to having the chance to work with her team in-person. “I definitely see benefits to having a dedicated office space for more collaboration across the team, better work relationships and opportunities for me to connect more with the team and spend time mentoring.” These new employees will join a team of over 200 Jenius Bank employees dedicated to creating a first-class digital banking experience. Opening in Another Financial Hub Phoenix has spent the past decade attracting companies to the area, particularly companies that have high data needs. With its low risk of natural disasters and comparatively low power costs, the city is a great location for many industries, including banks. Like Charlotte, Phoenix is a financial hub that is home to operations for approximately 50 financial institutions, including American Express, JPMorgan Chase, Wells Fargo, and Bank of America. “We wanted another central location for employees to gather,” says Eric Thompson, Jenius Bank’s Program Management Executive. “We also looked for a location that would allow for business continuity.” Being on a different power grid from our Charlotte office, Phoenix allows back-office functions to continue in case of a power outage on the East Coast. In addition to this important business continuity consideration, the office site was chosen with our employees’ convenience in mind. Anish was very involved in the site selection. “Cavasson is a very new location with new buildings, and they’re building a community around it,” he says. The location will have amenities like a medical office, restaurants, and green spaces. Place for Collaboration Most of the Jenius Bank team works remotely from around the United States, but our teams in Charlotte and Phoenix offer employees a hybrid opportunity. Flexibility is a key component of our culture, and both offices allow connection and in-person collaboration, while giving everyone there the ability to work remotely when needed. “My team plans to have a hybrid model of working,” says Padmaja. “We plan to be in the office a few days each week when key meetings and discussions take place. This will help us collaborate better with whiteboarding and brainstorming.” As the first tenant in the space, we have designed and organized it to fit our needs. Employees will have access to modern workstations, a kitchen space, covered parking, and a coffee shop downstairs. We will also have open seating areas for groups to huddle and collaborate away from desks. “Unless people want to come in on a daily basis, we will be using this office more for collaboration,” Anish says. “Instead of coming in every day, team members working together can come in on a cadence or use the space for planning and whiteboarding sessions whenever it’s appropriate.” The space includes a large boardroom with room for 20 people and two smaller conference rooms for team meetings. “The breakout area is going to be huge and become a good hub for some of our future Jenius Bank meetings,” Eric says. The building is at the juncture of two major highways, making commuting to the office via car or mass transit easy. For team members visiting from other cities, they can fly into one of the two airports near the city and stay at the hotel a few hundred feet from the office building. Want to join the Jenius Bank team? Check out our benefits and apply to one of our openings today. Our recruiting team is looking for candidates in both Charlotte and Phoenix to join our technology and engineering departments, as well as fill many other open roles.

John Rosenfeld flying in a helicopter while serving in the U.S. Army. 185.   No, that’s not how many employees report to John Rosenfeld at Jenius Bank (the team passed that number a while ago and continues growing).  That’s how many times he jumped out of planes while serving in the United States Army.   Most parachuters jump from a height of 1,000-1,500 feet. His most memorable jump was from 27,000 feet.  “We jumped at night when it was pitch black,” John recalls. “You had to waddle out of the plane because you had an oxygen bottle on your left leg, your rifle on your right leg, a backpack strapped to your thighs, a parachute on your back and an oxygen mask on your face.” Altogether, the equipment weighed around 200 pounds.   After making it out of the plane, he fell for about a thousand feet before pulling his rip cord and gliding under the cover of night for nearly 20 miles before landing with his team and continuing the mission.   It’s been a few decades since John jumped out of airplanes, and while his laptop only weighs about two pounds these days, the lessons and strategies that gave him the confidence to make those jumps shine through in his daily leadership at Jenius Bank.   Focused on Forging a Path Joining the military was always on John’s mind. Growing up, he listened to his father’s stories about his own service in the Army infantry. “My father always spoke fondly of it [the Army],” he recalls. “From a young age, it was something that was interesting to me.”  John has always been an achiever, working his way through Boy Scouts to Eagle Scout in his younger years, earning a full four-year Army ROTC scholarship to Norwich University in Vermont, and rising through the ranks to be a Scout Platoon Leader and then a Planning and Operations Officer in the Army’s Infantry.  From the Infantry, he entered Special Forces training, a series of courses to find the top soldiers for the elite cohort. While completing his field training, he remembers getting a radio call informing him that his wife was going into labor with their twins.  Quickly trekking to the given grid location, a Humvee picked him up and took him to a helicopter to fly to the hospital, arriving just in time to see his twins born. Though he may have scared the staff, given that he was still in camouflage and had his rifle with him.   When training was over, John earned the position of A-team leader and became Captain of a Special Forces unit. John still has his green beret in his office, along with a picture of his special forces team.  Leading this team is often the inspiration for decisions he makes when leading Jenius Bank.   Leadership Lessons from the Military Hire Experts and Listen to Them “In a normal military unit, the commander may have hundreds of people reporting to them,” he says. “In Special Forces, you have 11.”   Beyond the size difference, Special Forces units are made up of experts in their fields, including Intelligence Sergeants, Medical Sergeants, Weapons Sergeants, Engineer Sergeants, and Communications Sergeants.   According to John, the person on the team with the least knowledge is the Commanding Officer. That is to say, the Commanding Officer isn’t an expert in any of the specialties and relies on his team to bring the best options to the table.   “In Special Forces, you’re leading a team of people who know more about their specialty than you ever will,” John says. “The only way to lead that kind of team is if you earn their respect. And you earn their respect by listening, understanding what they can bring to the table, and asking for their opinions.”   John has carried this collaborative leadership style with him to Jenius Bank. Since Jenius Bank launched as an idea in 2021, John has supported the onboarding of hundreds of employees who are experts in their fields.   These experts have decades of traditional banking experience under their belts and all share John’s passion for building a better bank. Relying on these experiences, the team set out to understand what people want from their bank. With John’s support, they conducted extensive research and were able to formulate a best-in-class product that will outpace rivals after our 2023 launch.  Keep a Cool Head Beyond recruiting experts, John relies on his military training to help him keep a cool head during stressful situations.   “There have been several tough days at Jenius Bank,” John recalls. “Where something went wrong, or somebody raised a concern that, at the time, none of us knew if, or how, we’d get through it. But, based on my experience, there’s no challenge you can’t eventually overcome.”   On the tough days, John thinks back to his missions and the knowledge that no plan survives contact with the enemy, an idea often credited to German field marshal Moltke the Elder.   “The first thing you have to do is stop and assess the situation,” he says. “From there, you identify the resources at your disposal, consider what the organization is trying to accomplish and what is your part in it. Then you develop a sequence of steps to accomplish it and figure out how to communicate this to everyone.”   When creating a plan to work through a tough situation, it’s essential for a leader to listen to those around him. John relies on his team to advise him and help him chart the best path forward for the organization, rather than laying out his own plan and expecting others to follow. Lead with Your Team  A group of Jenius Bank, SMBC MANUBANK, and SMBC leaders at a meeting in Boston in October 2022. Beyond listening to his team, John creates an atmosphere that makes employees want to be part of the company’s future. From weekly all-hands meetings that include shoutouts to team members and recognition of major accomplishments, to regular updates on Jenius Bank’s plans and future.  His vision for the company is clear and whenever a new task needs to be done, he creates a set of actionable goals that everyone contributes to.   “Whenever I give someone a task, I’m giving them the five W’s,” he says, referring to who, what, when, where, and why. This clarity gives his team the information they need, while also offering them latitude to be creative in their approach.   It’s a testament to John’s leadership that so many Jenius Bank employees have worked with John at other companies in the past and were excited to join him in his new venture at Jenius Bank. John also makes a point of connecting with employees throughout the organization, not just his senior leaders.   "A successful Special Forces leader leads with their team, not ahead of them," John says. His focus on connecting and inspiring has created a culture of trust and innovation.  Final Thoughts  Rallying a group across time zones on a Friday morning isn’t an easy task, but John makes it look effortless. His charisma and ability to connect with people, even through video screens and across time zones, makes everyone want to play a part in the future.  Given his background and many leadership positions, some people may expect John to be a no-nonsense guy, but he’s quite the opposite. He’s quick to make jokes and puts everyone he chats with at ease.   As Jenius Bank sets out to tackle the digital banking world, John makes the team feel safe and supported in their decisions. His confidence permeates the organization and creates an atmosphere that everyone wants to be part of. And while he may not be jumping out of planes anymore, this adventure is still an adrenaline rush.  

When people outside of Charlotte, North Carolina speak about the city, they usually talk about the Panthers, Hornets and now, Charlotte FC, the city’s first soccer team. Most don’t know that Charlotte is recognized as the Queen of Finance—and deservingly so. It’s the second-largest banking center in the nation—second only to the largest banking mecca in the world, New York City. Jenius Bank opened its own Charlotte office in 2022 and is looking forward to growing a team there. Jenius Bank Among Other Financial Services Leaders Given the city’s prominence in the banking industry, it makes sense that Jenius Bank would have a site in Charlotte among consumer powerhouses Bank of America and Wells Fargo as well as many fintechs. Senior Jenius Bank leaders believe opening the Charlotte office is an important milestone in Jenius Bank’s growth. It’ll be one of the primary hubs for the bank and home office for about 20 team members once the first product launches. Early in the Jenius Bank strategy development, the team identified Charlotte as an ideal location for the team. “Visibility is key as some customers, associates and potential associates want to connect a name to a business office, and our Charlotte location gives us that visibility,” says Eric Thompson, Jenius Bank’s Program Management Executive who spearheaded opening the Charlotte office. Having an office in Charlotte has other important benefits like access to high caliber banking talent. In fact, many smaller organizations move to Charlotte just to tap into the financial services talent pool which further enhances Charlotte’s banking center notoriety. Of course, there’s more to Charlotte than banking and sports teams. Its mild climate, diverse and rich culture, distinctive neighborhoods, and quality of life are just some of the reasons why folks have flocked to the Queen City. Jenius Bank Embraces Modern Work Culture John Watkins, Jenius Bank’s Fraud Strategy leader, started working at the Charlotte office in February of this year when it first opened. John is responsible for preventing and investigating fraud, and his team is currently building the foundation that will help protect customers from fraud exposure. Many team members based out of this office have roles that follow the hybrid working model: those employees work a combined in-office and remote schedule. John—who will be an empty nester soon—is excited to be working in-person again. “It’s a breath of fresh air to be back in the office,” he says. John enjoys the flexibility in his role and thinks, for him, hybrid working is here to stay. Many other employees at Jenius Bank work remotely by design. The collective Jenius Bank team covers more than 23 states. The Charlotte office provides a great space for any Jenius Bank team member visiting town to meet and collaborate. John appreciates the collaborative environment and says it makes his time in the office more focused and productive. Jenius Bank has been excited to provide this opportunity in Charlotte and plans to open another office soon in Phoenix, AZ, along with teammates in Manufacturers Bank. Jenius Bank is a division of Manufacturers Bank and its Digital Banking Unit. An Innovative Environment for a New Digital Banking Team According to Eric, the growing popularity of both the hybrid and fully remote work models makes having a team hub, like in Charlotte or Phoenix, an essential part of the Jenius Bank business. The Charlotte office itself is well designed. It’s located right next to offices for Jenius Bank’s parent company SMBC on the same floor, just separated by transparent glass partitions. There’s an open floor plan with lots of natural light and space. There are three conference rooms—one large executive conference room and two smaller ones—and cutting-edge technology to facilitate engagement in-person and remotely. Team members are treated to lots of perks, including a rooftop terrace, an onsite restaurant, free parking, and a gym with a locker room. John also highlighted the installation of a new coffee machine, which goes to show that sometimes it’s the little things that can make all the difference in your workday. The environment is casual and allows for connection. “Impromptu meetings are the norm around here,” says John. “It’s so easy to grab a whiteboard and start sharing ideas.” The Charlotte office is currently the home of Operations, Product, and Technology team members, but of course it’s open to any team member. The office is expected to be filled as Jenius Bank ramps up headcounts in fall 2022 and early 2023. Looks like that new coffee machine is going to be busy!

Sumitomo Mitsui Financial Group, Inc. (‘SMFG”, President and Group CEO Jun Ohta, together with subsidiaries “SMBC Group”) announced today that it will strengthen its presence in the U.S. with a new digital consumer banking business. Jenius BankTM will launch and operate as a new division of Manufacturers Bank, a California state-chartered bank that is a wholly-owned subsidiary of SMBC Group. Jenius Bank will launch in the coming months with personal loans and then expand its offerings with savings and checking products within its first year. Jenius Bank has established an extensive and ongoing consumer research program that will drive product designs with direct customer input. “With the launch of Jenius Bank, we have the rare opportunity to build exceptional products from scratch that uniquely meet the needs of today’s digitally-native consumers who need and expect more,” said Kazuhisa Miyagawa, Chairman and CEO of Manufacturers Bank. Built on one of the most modern banking platforms in the industry, Jenius Bank will offer a 100% digital banking experience that delivers on the promise of smarter banking for a richer life. “The new digital consumer banking business is another tangible example of SMBC Group’s focus and commitment to further enhancing its customer service,” said President and Group CEO Jun Ohta. John Rosenfeld is President of Jenius Bank. He has over 20 years of experience in the financial services industry, including serving as the founder and President of Citizens Access, an online direct bank of Citizens Bank. Leaning into a digital-first strategy, Jenius Bank has partnered with several leading technology providers to bring together an integrated platform that will deliver on consumers’ holistic needs. Jenius Bank’s competitive differentiation also extends to its workforce, leveraging a predominantly remote employee base. Jenius Bank has assembled an executive team of proven leaders from both leading banks, as well as best-in-class digital experience companies, and it expects to continue growing staff based on their expertise, not their geography. “Jenius Bank will be a leader in data and technology, using information to provide personalized insights for consumers seeking to make the most of their money, not just manage it,” said Rosenfeld. Jenius Bank is also taking a firm stand that it won’t charge the punitive fees that most banks charge today, it will minimize paper and manual processing, and it will not have any physical branches.  “Our target customers don’t want these things, and the resulting efficiency will allow us to provide more value back to them. We are equally committed to being a fully digital bank and to providing outstanding customer service through a U.S.-based support team,” Rosenfeld added.  About SMBC Group SMBC Group is a top-tier global financial group headquartered in Tokyo. With a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. SMBC Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. As of June 30, 2022, its total assets were $1.97 trillion.  In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by its capital strength and the value of its relationships in Asia, SMBC Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. SMBC Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com. About Manufacturers Bank Founded in 1962, Manufacturers Bank is a California state-chartered commercial bank based in Los Angeles and is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. Manufacturers Bank serves the specialized needs of middle-market businesses, manufacturers, wholesalers, distributors, importers, exporters, and service companies. For more information, please visit www.manufacturersbank.com.