Podcast Summary: CANCELLED ❌

Episode: Ex-Banqueros cuentan la VERDAD de los BANCOS y cómo INVERTIR tu dinero
Host: Wall Street Wolverine
Guests: Javier & Pedro (Ex-bankers, founders of JP Financer)
Date: November 9, 2025
Theme: Economic, political, and social insights from two ex-bankers—dissecting the problems of traditional banking, sharing real banking anecdotes, discussing new ways of investing, and offering advice for financial independence and entrepreneurship.

Episode Overview

This episode dives deep into the hidden realities of the traditional banking sector through the candid testimonies of Javier and Pedro, two ex-bankers turned financial intermediaries. They recount their past inside Spain’s banking system, explain the various practices (sometimes dubious) common in traditional banking, and contrast these with the new landscape of alternative investments, digital banks, and changing work cultures. Practical advice is offered throughout—both for investors new and experienced, and for people thinking about entrepreneurship in Spain or abroad.

Key Discussion Points & Insights

1. How Was Working at a Bank? Then vs. Now

• Pedro: The banking industry used to be relationship-focused and respectful toward clients, with a lot of hands-on learning and personal connection. Now, digitization has eroded much of that trust and human touch.
  • "Antes la banca era mucho más del día a día… se trataba al cliente, se respetaba." (05:00)
• Javier: Entry-level banking was hard but educational; staff started at the bottom and worked their way up, making personal contacts and forging trust with clients.
  • "Aprendías desde la caja, desde el barro… salías como gestor de empresa." (05:16)
• Now, rotation and lack of permanence are common—bankers are frequently moved so as not to develop deep client relationships that could threaten the bank if the banker leaves.
  • "Cada dos años te cambian al gestor precisamente para que no hagas una buena relación." (22:26)

2. Inside Stories: Products, Pressure, and Deception

• Incentivized Sales & Mis-selling:
  • Both guests describe how staff are pressured daily to sell targeted products, sometimes regardless of client suitability, risking sanctions or loss of bonuses otherwise.
    • "Sí no cumples esto y esto y esto, vas a tener sanción o no vas a tener los premios." (09:51)
    • "Llegaban correos desde dirección… el que no venda acciones preferentes… despedido." (11:14)
• Product Examples:
  • Preferred shares: Sold as safe deposits but were actually perpetual debt, risky for unsophisticated customers.
    • "Acción Preferente… piensas que soy de los primeros en cobrar. Eres el último." (13:11)
  • Structured products: Explained as easy wins, but almost always ended up losing for the client while earning high commissions for bankers.
    • "Productos estructurados… casualmente siempre caían." (12:17)
  • Revolving credit cards (e.g., Banesto Rafa Nadal): Cards with 32%+ annual interest, trapping people in debt for years.
    • "Banesto vendía una tarjeta de Rafa Nadal… te la cobraban al 32% anual." (00:03; 19:32)
  • Crisis stories: During 2008, the relationship with both clients and products changed abruptly, with bankers suddenly becoming bearers of bad news.
    • "Y justo nos tragamos el momento de la crisis 2008… se cerró el crédito." (06:49–08:25)

3. Limitations and Flaws of Spanish Banking Culture

• Centralization and Lack of Innovation:
  • Traditional banks struggle to modernize because of legacy systems and high costs. Some still use ancient software when IT fails.
    • "Van de superdigitales y siguen funcionando con el MS-2." (02:37)
• Use of Authority and Client Misinformation:
  • The bank's authority is used to instill fear and prevent customers from transferring money to alternative investments, branding everything outside as a scam.
    • "Tú transfieres dinero para invertir fuera del banco y te dicen que es una estafa." (20:52)
• Rotating Staff:
  • To prevent loss of clients if a trusted banker leaves, banks enforce high staff turnover in branches.
    • "Por eso hay tanta rotación en las oficinas." (22:26)

4. Alternative Investment Models and Success Stories

• What JP Financer Does:
  • Financial intermediaries, specializing in access to exclusive products (e.g., Formula 1 investment funds, cárnicas/meat industry investments, digital marketing funds).
    • "JP Financer somos una empresa de intermediación financiera." (00:34; 118:20)
• Principles:
  • Only recommend products where they invest their own money, no “trapped” clients, and a focus on transparency and customer well-being.
    • "Solo hablamos de lo que invertimos nosotros y donde nosotros tenemos nuestro dinero." (118:46)
• Unique Products Mentioned:
  • Entry to formerly ‘exclusive’ funds from €15,000 with capital guaranteed (Formula 1 fund, 67:51)
  • Cárnicas –Monthly returns from meat industry investments, often global (Asia, India, China market) (86:27+)
  • Digital marketing funds—short-horizon, low-risk, high-liquidity (95:30+)
• Investment Approach:
  • Focus on real economy investments, projects with measurable short or mid-term returns, and a willingness to back promising young entrepreneurs or niche opportunities.
    • "Vamos a dedicar parte del beneficio a invertirlo en proyectos startups o proyecto semilla." (72:42)

5. Reflections on Financial & Entrepreneurial Education in Spain

• Lack of Training and Motivation:
  • Culture does not teach basic financial concepts, nor does it incentivize entrepreneurial risk—leading to a narrow aspiration of “a secure job with 2,000€/month” instead of starting a business.
    • "Lo que se está aspirando es a ganar 2.000 euros, no a montar un negocio y ganar 2 millones." (46:55)
  • Low appetite for uncertainty, little failure-tolerance, and stigma against business success.
    • "Aquí si montas un negocio, el vecino no te mira bien." (112:04)
• Educational Gaps:
  • No fiscal or economic literacy taught at school level.
    • "No enseñan de fiscalidad…para que la gente no lo entienda." (32:41)
  • Minimal support for entrepreneurs; burdensome taxation and bureaucracy stifle growth and innovation.
    • "Es que en el resto de Europa no se paga… cómo no hay autónomos que salgan a la calle a protestar." (39:03)
  • Success abroad is attributed to better legal frameworks, incentive structures, and societal attitudes toward entrepreneurship and credit.
    • "Un país donde admiran al vecino que ha montado un negocio… aquí no te mira bien." (112:04)

6. Personal Stories & Memorable Anecdotes

• Stories of Client Transformation:
  • Saving a famous Spanish actor from financial ruin, with whom they now have a friendship—an example of the satisfaction found in helping clients, not just earning commissions. (104:23)
• Social Mobility & Culture Shock:
  • The contrast between success in Spain vs. US, Latin America, or Dubai; the difficulty of growing and being recognized.
• Criticisms & Social Commentary:
  • Critique of Spanish fiscal, regulatory, and educational frameworks, hardships for the self-employed, and surreal stories of bureaucratic obstacles (e.g., Pedro’s tax office ordeal—34:21+).
• Entrepreneurial Spirit and Future Vision:
  • Advocating for innovation, taking measured risks, and partnering with clients—contrasting this with the defender’s mentality of most banks and large organizations.

Notable Quotes & Key Moments (with Timestamps)

• Pedro (on pressure to sell unsuited products):
  "Oye, déjate de vender lo que no hay que vender. Banesto vendía una tarjeta de Rafa Nadal y te la cobraban al 32% anual." (00:03)

• Javier (on digitalization & legacy banking):
  "Hay todavía bancos hoy que funcionan con el MS-2 cuando se cae Internet." (02:37)

• Pedro (on mis-selling and incentives):
  "Si no cumples esto y esto y esto, vas a tener sanción o no vas a tener los premios." (09:51)

• Pedro (on cultural barriers):
  "Aquí si montas un negocio, el vecino no te mira bien. No te mira bien." (112:04)

• Pedro (on investing with integrity):
  "Solo hablamos de lo que invertimos nosotros y donde nosotros tenemos nuestro dinero." (118:46)

• Javier (on changing investment landscape):
  "El formato de sucursal, yo diría la banca comercial, para mí está muerta." (28:24)

• Javier (on financial illiteracy):
  "No sé qué es el Euríbor, no sé qué préstamo. Hay que devolverlo con unos intereses. No quieren que se forme para que el que tenga la autoridad es el de siempre, el del banco." (01:12, 31:31)

• Javier (on risk and success):
  "Cuando tú das con un buen empleador, si tú eres proactivo, te va a dar una carrera profesional hasta el infinito." (49:43)

• Pedro (on being approachable):
  "Tenemos la suficiente experiencia como para haber vivido todo lo que es la banca y todavía tenemos la juventud… como para conectar con otro público también." (82:26)

Important Segments — Timestamps

• The "Old-School" Bank Experience: 00:00–07:00
• 2008 Crisis and Financial Product Practices: 06:49–15:00
• Product Sales Pressure & Regulatory Contradictions: 09:51–14:15
• Mis-selling Realities—Preferred Shares, Structured Products: 10:16–13:30
• Problems of Banking Culture & Rotating Staff: 20:52–23:27
• Digitalization and Competition from Neobanks: 25:12–29:51
• Finance Education in Spain—Gaps & Solutions: 31:31–40:52
• Tax, Bureaucracy, and Entrepreneurship Struggles: 33:29–41:00
• Real Economy Investment Model Explained: 67:51–73:36
• Investment Opportunities—Formula 1 Fund, Cárnicas, Digital Marketing: 67:51–97:03
• Social & Geographic Investment Opportunities (Panama, Rep. Dominicana, Dubai, USA): 110:52–114:32
• Closing Values of JP Financer: 118:20–120:52

Closing Reflections & Takeaways

• Banking has radically changed: From trust-based, personal relationships to algorithm-driven pressure and commoditization of customers.
• Major institutions prioritize survival and sales targets above clients' interests; mis-selling was commonplace, driven by central directives.
• New investment models and digital finance are democratizing access—but financial education and proper guidance remain essential.
• True success and growth—personally and financially—require courage to innovate, take risks, and break away from culturally-inherited limitations and “employee” mindsets.
• JP Financer positions itself on transparency, alignment of interest, and putting clients first—refusing to push products they wouldn’t invest in themselves.

Final Words

"Por probar, que nos prueben y verán la diferencia de lo tradicional a lo nuevo." — Javier (122:34)

This episode stands out for its raw honesty, practical advice, and deep dive into the mechanics of Spain’s financial industry, as well as an inspiring push for self-education and entrepreneurial courage. Great for anyone seeking to understand what really goes on inside banks—and how to take better control of their financial life.