Britain's Monzo cutting up to 120 jobs due to coronavirus impact

Haven’t most banks seen an increase in deposits as people aren’t spending at the levels they were before early March?

My accounts have never looked so full

4 Likes

That’s my understanding. Personally I’ve been dumping a lot of it in my Marcus account, rather than keeping it in my current account, until I figure out what to do with it. I suspect most will inevitably end up going on stocks.

That’s precisely the problem actually.

Nobody is using their cards to buy anything - that’s a massive drop in revenue for banks.

1 Like

in fairness the downsizing of HSBC has been delayed not halted, the 12000 + redundancies per year for the next three years are still planned

" signalling that the bank intended to restart redundancies when the coronavirus crisis passes "

https://www.ft.com/content/47186ac9-c0c9-43b9-a232-9995c46e4918

2 Likes

How much of a problem will this be though? Spending may be down, but I don’t think it’s by a significant amount that will be too impactful to the banks. My personal spending is only down by about 20% or so, and that’s only because I’m spending less on food (supermarket goods) and travel. My spending on digital media is up quite a bit too.

1 Like

Isn’t it already? There never seems to be a community manager who stays for more than a couple of posts before losing interest in the forum. Other staff do post of course, and their input is hugely appreciated, but I mean in terms of ‘running’ the forum.

7 Likes

I think that is a little unfair @simonb was paid a salary and one of his roles was the forum. Since then there has been Alan(?? - I guess that is your point made when you can’t remember his name)

2 Likes

I don’t think making people redundant is necessarily about ethics. Is it ethical to employ more people than you can afford so that the whole organisation falls apart and everyone is unemployed? There are ethical ways of going about redundancies, and we have not seen anything to indicate one way or another how Monzo is going through this process. Certainly there’s nothing we’ve seen that indicates they’re not being ethical about it.

5 Likes

This is pretty much a sef-perpetuating myth though.

It gets trotted out every few months when someone wants to make a point but I’ve not seen much evidence that these people actually ever existed. I’ve always assumed it was created by those who just wanted to have a dig at other forum users but didn’t have anything concrete to hit them with. This always came across as a lazy, easy cheap shot designed to make any reaction look like fanboy nonsense.

Not saying that’s what you’re doing here. As a story, it’s taken on a bit of a life of it’s own in the last couple of years but I don’t think I ever saw the behaviour that it’s supposed to be highlighting.

As to ethics being related to not making redundancies… It’s a nice ideal but it’s fiction. Again, it’s a good way of making a point but it’s a paper thin excuse for a bit of a dig in my view. Most of us work for someone and surely understand how businesses work?

Isn’t it already? :smiley:

4 Likes

Oh, I didn’t realise that was part of Simon’s role. I was under the impression he was doing it because he cared so deeply about the forum. There seem to have been other ‘official’ forum managers come and go, and none of them have been as involved as @simonb, @Rika, @bruno, etc. (you get the picture). This feels very much like a volunteer-run forum with a great level of buy-in and engagement from some of the staff.

I’m pretty sure that naming them would be classed a personal attack which you, as Coral Crew, would have to deal with. I don’t think it is a myth, I can certainly think of a couple of members on here who have blind faith and who would defend until the end :slight_smile:

meeeeeee :slight_smile: I love …no thats too strong a word … I like most of what Monzo do , its been my main day to day spend bank for getting on for 5 years Ive had quite a lot of money go in and out of it with very very few problems , it does everything I want it to do at the moment , can it improve …yep

7 Likes

You just failed the test…

7 Likes

Prior to March 23rd I would have used my card for c. 25 transactions every week. I’ve used it 12 times since. I don’t think I’m extreme case either.

2 Likes

Mine is sitting in a savings pot, stocks and shares ISAs, some Crypto and Freetrade. In ‘normal times’ I would be watching the left to spend number like a hawk.

1 Like

I don’t think I’ve ever made that many transactions in a week!

1 Like

I’ve gone from about 50 transactions a month to 25ish.

To be fair it’s probably closer to 20 as I’ve just realised I counted TFL as 2 per day when should have been 1.

But it’s still not especially unusual in the City. If you use your card to travel to work, buy a coffee and get lunch you’re onto 15 before you’ve bought anything useful.

A community account isn’t mandatory, so if you go out of your way to create one and contribute does that not make everyone a fanboy?

3 Likes

So is the issue more to do with frequency, or the Amount?

I’m certainly using my cards much less frequently, but the amounts of those transaction are typically higher than they would as I used to spend smaller amounts more frequently, whereas now it’s larger amounts less frequently.