How strange…
I would have thought that any Tech driven company like Monzo needs the thought leadership and strategic thinking of a CTO on a permanent basis. Obviously not!
Yeah was concerned to see that too…
Wonder if cost cutting means “cost saving” or if it actually means cost cutting
It was an employee who worked 1 day a week
I know plenty of people who work only one day a week. Thing is, they turn up for a full five days.
Spelling of “Monzonaughts” really got me
Be interesting to know if Monzo are going to “top up” the salary to the people’s current level or leave it at 80%.
This has already been posted in the ‘Monzo in the media’ topic below:
For what it’s worth, Monzo’s top paid director, which may or may not be the CEO, got a pacakge of £117,000.
If that’s the CEO, that’s the salary going back into the biz.
Hope Monzo and all the staff come out of the other side of this in one piece
I think Toms on quite a few hundred thousand if not half a million.
Edit: quick search £305,000 in 2018.
Highest paid Director | |
---|---|
Wages and salaries | 139 |
Share based payments | 166 |
305 |
So the salary is £139k.
For what it’s worth though, I think it’s a great move.
Salary in 2018.
Salary in 2017 = £60k
Highest paid Director | |
---|---|
Wages and salaries | 60 |
Share-based payments | - |
60 |
Ah that screen grab looks like their official PDF online.
like a fool I went searching line by line in the gov.uk version. Clearly companies house need a better scanner:
I honestly would have thought it would be higher!
I love Monzo and don’t want to be controversial, I’m an early adopter and an investor but, it’s pretty disappointing that the CEO Tom has decided to furlough some of the staff.
Tom you’ve personally made £100 million+ from Monzo; pay the staff you can afford it.
This scheme is for businesses that cant afford to pay the staff, you can.
The idea of this scheme was for struggling businesses that literally could not afford to pay their staff to get through the crisis, not for you to make some extra money in these difficult few months.
Of course some people may not want work whilst at home as kids are out of school ect… but are you asking the taxpayer to pay when it seems you don’t need to?
Oh, you’re giving up the odd £100K/yr salary for a few months (thats 25K if 3 months) wow impressive!
Are people really buying this story…?
Afaik the vast majority of Tom’s salary is made up of share options, his cash wage is very low for a CEO
Was it £100k this year and £60k the year before. That wouldn’t pay many staff
The company isn’t profitable
It’s also worth pointing out that the furlough is voluntary and only up to 2500 a month, which I have been told (too lazy to do my own maths) is about a £30,000 annual salary. Many highly skilled members of staff are on much more but have chosen to be furloughed in order to reduce redundancies and help the company in which they are heavily invested through stock options through a difficult time.
Monzo makes most of its money through interchange, particularly foreign interchange, which has fallen off a cliff.
How do you know?