The new boss of global retail banking at Barclays has hit out at supermarkets and other companies setting up their own banking offers.

Antony Jenkins, who recently moved to the role, believes supermarkets may be underestimating the difficulties of running a banking operation and questioned whether they had the right skills to run it, according to the Financial Times.

Tesco and Sainsbury’s have both been taking advantage of the loss of confidence in traditional banks by ramping up thier financial services offers.

“The series of disruptions in the global financial system has created opportunities for other players to enter the market and it’s going to make it an interesting landscape,” he said.

“But actually running a bank is different from some of the other industries that [these] players are in and I suspect people will find it is more difficult than they originally thought.”

He added that he recognised banks had lost the trust of some customers and needed to work to rebuild that.

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