Here we go again with wild speculation from some quarters, ah well gives me something to chuckle at before I go to bed
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Saw the green D logo and was about to say âBut you do it tooâŚâ. Saw the name and realised ⌠different green D. 
Nothing happening hereâŚ
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I really need to investigate putting some kind of picture to my profile 
A job for tomorrow
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With companies needing to contribute towards the pay of furloughed staff soon, I would guess that weâll probably be seeing more and more employers looking at shifting furloughed staff to redundant over the next month or so.
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Biggest spenders in the economy, those darn boomers, and likely to become even bigger spenders moving forward
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Or this
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Iâm not sure I personally feel comfortable with the approach of ânothing to see hereâ. Letting go of staff in numbers isnât great. I donât know what Monzoâs current staff numbers are but losing 120 people isnât a small number.
Whatever Monzo are planning on to start making a profit, needs to happen sooner. Itâll quell the constant jitters and posts about the company and CEOâs etc
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I admire your optimism, but I seriously doubt that
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Absolutely. Furlough was always a brake, never a âget out of jail freeâ card.
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You mean then N26 fanboy doesnât love Monzo? Colour me surprised!
Some people need to realise thereâs a global pandemic and Monzo will be far from the last company to make redundancies.
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Itâs 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).
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Iâm not automatically making the link but in fairness those companies did make money, Monzo is still sadly loss making.
Starling is edging towards profitability, itâs not as good as Monzo imo but it is doing so and with less customers and itâs not trialled plus accounts etc. So why isnât Monzo.
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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 âcustomersâ - Starling âŚwho 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 hadnât 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 wouldnât have grounded most of its planes , the UK taxpayer wouldnât be on the hook for 60bn of borrowing last month , Renault wouldnât have needed 5bn from their govt. Lufthansa wouldnât have needed EU approval for their 9bn bailout, Carnival cruises would be setting sail again ⌠etc etc âŚyou get the picture âŚ
Things change eh
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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 ?
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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
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And thatâs just from Monzo customers who want cheque imaging. 
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Definitely not a small number, and between 150-200 people also lost their jobs a month ago when the Vegas operation was shut down. So thatâs close to 400 people, which will have a seismic impact on the internal culture.
I have no way of knowing who will be impacted, but purely on statistics there will undoubtedly be some people I was very close to. I feel so sad about the whole thing 
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Iâm so sad to hear this. Firstly for the people who will be losing their jobs. Having had my job made redundant twice in the past, I know how it feels.
Best of luck to all of you. Having Monzo on your CV should surely prove to any new employers youâre worth hiring.
It also makes me sad as I am a big supporter (and investor) in Monzo and I want them to do well. The product is truly great. Itâs hard to see any business not being negatively impacted by the current climate.
Lastly, I canât help thinking today that the launch of Monzo Plus is more crucial that ever? I know it was almost ready to launch before coronavirus hit and was delayed because of it. I for one am eager to sign up as Iâm sure many people will be.
Surely this is a chance for Monzo to raise some extra revenue?
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Nothing unique here, itâs happening in every business in the economy - small/medium/large - we are currently going through the âmother of all recessionsâ - job cuts, redundancies, changes to business models and disruption is inevitable, and not unique to Monzo.
8% cut in staffing costs vs what could be up to 20-30% cut in GDP this year, shows theyâre not going to be one of the worst affected businesses - just look at the airlines, theyâre making up to 30% of their staff redundant.
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