So the salary is ÂŁ139k.
For what itâs worth though, I think itâs a great move.
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Salary in 2018.
Salary in 2017 = ÂŁ60k
| Highest paid Director | |
|---|---|
| Wages and salaries | 60 |
| Share-based payments | - |
| 60 |
If fact finding 2019 he did take a pay cut, so ÂŁ117k as @BritishLibrary said.
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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 donât want to be controversial, Iâm an early adopter and an investor but, itâs pretty disappointing that the CEO Tom has decided to furlough some of the staff.
Tom youâve personally made ÂŁ100 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 donât need to?
Oh, youâre giving up the odd ÂŁ100K/yr salary for a few months (thats 25K if 3 months) wow impressive!
Are people really buying this story�
Afaik the vast majority of Tomâs salary is made up of share options, his cash wage is very low for a CEO
Was it ÂŁ100k this year and ÂŁ60k the year before. That wouldnât pay many staff
The company isnât profitable
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Itâs 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 ÂŁ30,000 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.
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How do you know?
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made 100 million⌠hmmmmm ⌠
didnt notice his ÂŁ100 million last time I saw him
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In my opinion, the furlough scheme is being used in exactly the spirit intended by the government. If these employees werenât furloughed, they would be made redundant and have no job to return to.
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By your logic, if an Amazon warehouse had to shut down, you think those employees shouldnât be furloughed because Jess Bezos is very wealthy?
Also, 100 people taking furlough will save ÂŁ250,000 a month for Monzo. Seems a no brainier imo.
Yes it makes sense for them to do it! but is it right?
When you have made ÂŁ100m+ to ask for ÂŁ250k from the taxpayer.
Why is it that we criticise Branson, and the Football club owners for pretty much the same reasons, but Monzo gets a free pass.
By your logic, if an Amazon warehouse had to shut down, you think those employees shouldnât be furloughed because Jess Bezos is very wealthy?
They probably would be but it would raise a few eyebrows at least, see below;
https://www.youtube.com/watch?v=uWdKX1BZZs0
Because he hasnât made ÂŁ100+ million?
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Monzoâs stock, which makes up the vast majority of Tomâs renumeration, is not publicly traded and is extremely illiquid.
He canât magically turn that stock into cash.
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Airlines get criticised because theyâve spent loads of money since 2008 on stock buyback schemes and dividends, instead of building up cash reserves for moments like these.
Football clubs are I think misunderstood - many of them will be suffering cash flow problems because if they canât play, they donât have money coming in. Many clubs have little to no cash reserves. There are a lot of discussions between the various league and club associations going on about what to do next.
Monzo are a loss-making start-up, pretty much the target market for the furlough scheme.
(Jeff Bezos is a knob, asking the public to donate to a relief fund for Amazon workers? FFS.)
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Just now seen that at least one club, Liverpool, have backtracked and are not using the furlough scheme after all:
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Yeah as a liverpool fan i was ashamed to see they were using this scheme.
Using taxpayers money to pay salarys of non-playing staff when they made a pre tax profit of like 52mill last year really was miserable.
Glad they changed their minds
Arenât some of the clubs still paying their players too???
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I assume the clubs are worried that not paying players could backfire later down the line. Thereâs a lot of player power - players would have to be receptive of the cuts. Handled badly, a club could find itself in a situation where once things start up again, lots of players put transfer requests in because theyâre upset at the money theyâve lost.
I also think that a lot of players behind the scenes are sacrificing salaray or making donations already and that weâre just not hearing about it (yet).
tl;dr, as ever, people are complicated
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Monzo has a responsibility to its investors to maximise value by ensuring the effective deployment of its resources, navigating within and leveraging the laws and regulations of the land. Given this, I think Monzo had a duty to furlough some of its staff, if this served its long-term objectives. Tom is not the only investor here, and Iâm uncomfortable with the assertions youâre making. If this was just about money, Monzo would have been bought out a long time ago.
Monzo seeks to maximise its impact on the communities it serves. It is beyond debate that Monzoâs practice of low charges and transparency, combined with the breadth of its adoption within the UK, have contributed more than any other bank to changing the banking landscape for customers, and resetting the expectations they have from the industry. In my opinion, this has far more relevance in terms of Monzoâs impact on the UK.
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