It might be worth noting that a company is legally required to give 45 days notice to those at risk of redundancy. It doesn’t mean those redundancies will ultimately be made, or won’t otherwise be delayed.
If Monzo believe that those jobs will not be viable in six months time, there is no reason from a business point of view to keep them furloughed until then.
Here we go again with wild speculation from some quarters, ah well gives me something to chuckle at before I go to bed
Saw the green D logo and was about to say “But you do it too…”. Saw the name and realised … different green D.
Nothing happening here…
I really need to investigate putting some kind of picture to my profile
A job for tomorrow
With companies needing to contribute towards the pay of furloughed staff soon, I would guess that we’ll probably be seeing more and more employers looking at shifting furloughed staff to redundant over the next month or so.
Biggest spenders in the economy, those darn boomers, and likely to become even bigger spenders moving forward
I’m not sure I personally feel comfortable with the approach of “nothing to see here”. Letting go of staff in numbers isn’t great. I don’t know what Monzo’s current staff numbers are but losing 120 people isn’t a small number.
Whatever Monzo are planning on to start making a profit, needs to happen sooner. It’ll quell the constant jitters and posts about the company and CEO’s etc
I admire your optimism, but I seriously doubt that
Absolutely. Furlough was always a brake, never a ‘get out of jail free’ card.
You mean then N26 fanboy doesn’t love Monzo? Colour me surprised!
Some people need to realise there’s a global pandemic and Monzo will be far from the last company to make redundancies.
It’s in the article this thread links to:
So Monzo currently have around 1,500 staff.
Not sure this is directly related. There are many, many organisations that were formerly making a (large) profit but are now planning massive redundancies (eg Airbus, Rolls Royce).
They don’t close them for no reason. Every bank has to stick to the same rules. Some might say it’s OTT but it’s just the reality we have to live with
I’m not automatically making the link but in fairness those companies did make money, Monzo is still sadly loss making.
Starling is edging towards profitability, it’s not as good as Monzo imo but it is doing so and with less customers and it’s not trialled plus accounts etc. So why isn’t Monzo.
well Starling have reportedly just had a 40m private funding round for what valuation who knows, so still some way from profitability. Monzo are equally edging towards profitability with their private openly publicised in the press funding round , Monzo have 4+ million “customers” - Starling …who knows how many, The crowdfunding public that were given the opportunity to invest in Monzo would still be happy with their multiple percentage paper profits, the Starling VC private investors ? who knows , so many unanswerable questions.
At the risk of repeating the usual excuse , IF Coronavirus hadn’t reared its ugly head Monzo would now probably be looking at 3-4 billion valuation, more business accounts , releasing profit making premium accounts with travel insurance etc , the world would be looking at 2-3% GDP growth , holidays would be being enjoyed , I would have gone skiing on 26th March, and the guys at Monzo that are now staring at redundancy through no fault of their own would would be happily enjoying being at Monzo.
Easyjet wouldn’t have grounded most of its planes , the UK taxpayer wouldn’t be on the hook for 60bn of borrowing last month , Renault wouldn’t have needed 5bn from their govt. Lufthansa wouldn’t have needed EU approval for their 9bn bailout, Carnival cruises would be setting sail again … etc etc …you get the picture …
Things change eh
Do I think Monzo is likely to fail? I do not think so
Do I want the hassle of trying to get my money back if it does? no.
This is why monzo is a petty cash secondary account for me not the main bank.
any idea what the VCs at starling put on the valuation for their 40m ?
crikey so during the pandemic in the last 3 months Starling have reportedly doubled their deposits from 1.25bn to 2.4bn - and got the 60m in before the effects hit - good work
And that’s just from Monzo customers who want cheque imaging.