Monzo's Blomfield moves from CEO to become president

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president … of …

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Monzonia - small republic somewhere (Marx Brothers fans will probably know :smiley:).

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His local pottery guild

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Tom. The word quit is not appropriate here. You’ve been rightly elevated to President and we thank and applaud you for all you have achieved. Monzo will go from strength to strength. I’m proud to have shaken your hand and delighted that you’re not quitting. Take care. Mike

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Changed :slight_smile: - I still remember the very first webchat with him, asking for a bump in the waiting list for family members.

Kudos to Tom… our purpose in life is to do what we enjoy and it looks like this move will support him in that…

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Hero to Zero

mutes thread

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Far from it. Tom will end up focusing on what he knows will suit his mindset/character/personality and play to the best of his abilities. If you enjoy something, you’ll only work harder to achieve what you want and if that is developing a bank in-line with the community (as it used to be) i expect it will work out for the best.

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Hmmm I don’t know whether this so much elevation and god like status as some or suggesting. Articles are pointing towards a friendly push to make way for someone investors were more comfortable with.

Purely speculation, but then again so is assuming the contrary.

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I hope it isn’t a boardroom coup, like when MP’s quit the cabinet ‘to spend more time with my family’, and isn’t the start of the institutionalising of Monzo into just another high street bank. As he embraces the community more as President, maybe @tom can clarify things better with customers and investors.

I think this paves the way for a takeover later this year. Tom has always said he has turned down so many offers that people have stopped approaching - As Monzo has clearly lost its way and needs to survive by making money/profits in more traditional ways moving to president allows a takeover without him losing face.

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Interesting about him wanting to do more with the community. It would be truly awesome if he replaced @simonb on here :wink:

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Or maybe he’s just fed up of the legislative / formal banking responsibilities, which i’m pretty sure 99.9% of us would also be fed up of. Especially if you would rather be more a bit more creative and get involved in the thick of designing banking service functionalities, aligned to the greater good of its customer base ?

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Based on what exactly?

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Don’t think it’s a precursor to a sale, but I do think a funder in this round has put the pressure on, and wants to see a more corporate approach to running the business and seeing profit.

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I agree with the last poster, the bank has not a profit for years now and that’s not a sustainable model.

It will either boost investment or spook them, depending on how they see it. However Monzo does not do direct savings, nor does have a big loan book or mortgage book to bring in money. And plus seems to have stalled, possibly because of COVID-19.

It’ll be interesting to see how it decides to make more money from it’s operations.

I also noticed they mentioned needing another £70-80m too, I didn’t think it was that long ago that they had more money injected.

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Didn’t you hear? Tom’s all about sourdough these days!

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Few mis-steps in last few years, between some bad decisions and some just bad luck.

  • Launching business accounts and subsequently not getting the grant
  • US accounts… well they’ve slowed dramatically due to current climate
  • Multiple well documented failures at launching a premium account
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Don’t forget the bad publicity from account closures. However rightly or wrongly they’ve been doing it.

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