Each week, we dig into the memory bank of the City’s great and good. Today, Michael Helsby,managing director of strategic direction at Paragon Banking Group takes us through his career, and his reflections on the City, in Square Mile and Me

What was your first job? 

I left school at 16 to become an apprentice Electrical Control Engineer at Ford Motor Company in Halewood, Liverpool. I qualified and was working on robots, but by the age of 21 I concluded that engineering wasn’t for me, so I took myself off to Liverpool University to read Business. It was a huge decision at the time, truly life changing! 

What was your first role in the finance?

I trained as a Chartered Accountant at Price Waterhouse in Manchester. I made it to audit manager before I changed direction again. 

When did you know you wanted to build a career in finance? 

From early on in my university days I was drawn to finance and the City, but I never believed that I’d be able to make the leap. Then one day, while I was still at PwC, a job advert to become an Equity Analyst literally dropped through my letter box. I applied and joined ING Charterhouse as a UK Bank analyst. Initially based in Liverpool, I moved down to London to join ABN Amro in 2003. 

What’s one thing you love about the City of London? 

The meritocracy and the range and diversity of people that you get to work with. Social mobility is hugely important and I have seen significant change in the City over the past 20 years, which is massively positive.

And one thing you would change?

More careful bike riders, you need eyes in the back of your head!

What’s been your most memorable business lunch? 

I sat next to Jackie Stewart over lunch at an RBS event. It was fascinating to hear his stories.

And any business faux pas?

Anyone that knows me will know that there are too many to list!

What’s been your proudest moment?

Most recently, I’m incredibly proud of the Spring savings app we launched, which I believe has the potential to disrupt the inert £500 billion savings mountain sat with high street banks earning zero or little interest. Spring connects directly to your current account via Open Banking, pays a rewarding rate and has no restrictions, such as withdrawal limits or tiered rates. We saw a problem in the UK savings market, and we believe Spring addresses that.

We have been discussing Spring since 2016. Back then the cash savings market was one of the few parts of UK banking where inertia remained immense, providing the big UK banks with outsized returns. 

Nearly ten years on the same problem remains, however, technology has now caught up, giving banks like Paragon and other fintechs the tools to try and break this inertia down. 

And who do you look up to?

My dad, David was the most inspirational man I’ve ever known. He came from a humble background, and financially he had nothing, but his attitude to life, how he worked with my mum to do the best for me and my two brothers and how he approached people and friendship was incredible. Sadly, he is no longer with us and I miss him every day.

What’s the best business advice you’ve ever been given?

Never step out of your circle. Always push the boundaries, but to be happy and effective don’t go beyond. In my career I’ve constantly pushed, and only once have I stepped outside. I quickly got back in!

And the worse?

All advice is good advice if it’s genuine. I’ve been lucky enough to be surrounded by people who care, so I can’t think of anything bad.

Are you optimistic for the year ahead?

Yes, we clearly live in a complex environment, but it does feel like we are past the worst of the macro sludge that has plagued the UK since the pandemic. As rates fall, consumer confidence will recover. Households and SMEs are in a fundamentally strong position and poised to rebound. 

Looking more specifically at Paragon, we are confident about the future. We continue to grow our loan book, supporting UK SMEs, housebuilders and landlords, and the launch of Spring adds another string to our bow within our savings proposition. 

We’re going for lunch, and you’re picking – where are we going?

It has to be a ribeye steak at Hawksmoor Guildhall.

And if we’re grabbing a drink after work?

Leadenhall Market – a stone’s throw from our office and always lively. I love the history of the City and Leadenhall is steeped in it, plus it’s beautiful.