Monzo Layoffs
April 2020
Monzo announced a layoff affecting 165 employees in April 2020. The company operates in the Finance sector.
165
Apr 9, 2020
About
In April 2020, amid the financial pressures of the coronavirus pandemic, U.K. challenger bank Monzo announced the closure of its Las Vegas customer support office, resulting in 165 layoffs. These employees, who provided overnight support to Monzo's U.K. customers, represented a small portion of the company's then over 4 million customers, with their services deemed disproportionately costly for handling only 12% of queries. The decision, part of broader cost-cutting measures that included furloughs and salary reductions in the U.K., was accelerated by the economic downturn. Monzo, operating in the fintech industry as a fully licensed bank, offered affected staff two months' notice with full pay and healthcare support, while shifting overnight support operations to the U.K. This move did not impact its U.S. launch plans, as the Las Vegas team solely served U.K. clients.
Related Events
More Finance Layoffs
Report an Error
If you find incorrect information, please let us know so we can correct it.
support@layoffs.nl