Monzo, the U.K. challenger bank with over 4 million account holders, is taking a number of precautionary steps to help see it through the current coronavirus downturn, including voluntary furloughs and its CEO forgoing a salary, TechCrunch understands. In an internal company-wide memo issued by co-founder and CEO Tom Blomfield, he tells the bank's over 1,500 staff that he won't be taking a salary for the next twelve months, and that the senior management team and board have volunteered to take a 25% cut in salary, as have other "Monzonaughts" within the company. In addition, a limited number of Monzo's U.K. employees are being offered voluntary furloughing for two months, as part of the scheme rolled out by the U.K. government to protect jobs during the coronavirus lockdown, which is already impacting many companies -- not just Monzo -- including several other fintechs I know of.
from Yahoo Tech https://ift.tt/2xBc05G
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