8.6 C
New York
Monday, April 15, 2024
Home Challanger banks Monzo shuts Las Vegas customer support office, 165 employees being let go

Monzo shuts Las Vegas customer support office, 165 employees being let go

Monzo already implemented voluntary employee furloughs and salary cuts in the U.K.

Now Monzo is continuing to take tough decisions in order to keep up its financial position amidst the coronavirus crisis which will result in economic downturn.

The company launched the Las Vegas office in the summer of 2018. The customer support team was created to help Monzo scale its customer service as it grew, thus without relying on its team in the UK to work overnight hours. 

The Monzo executives wanted to create a workplace that supports the wellbeing of its employees and to help remote workers deal with the downsides of “unsociable hours”.

As time went on through, the banking group expanded customer wise, now having more than four million customers.

By opening a U.S. office the team could also service UK customers during the overnight hours. Instead, overnight support will now happen from the U.K.

Read also: Chime pilots $1,200 instant stimulus in forward

Monzo Las Vegas employees are being given two months’ notice, with full pay and healthcare. Also, the bank is offering support with CVs and reaching out to other employers and doing things like running interview prep sessions.

In addition, it is supporting applications for extended healthcare cover after the end of the notice period.

Unlike most neobanks, Monzo is a fully licensed bank, and therefore has a regulatory obligation to hold significant cash reserves.

Under this license, customer deposits up to £85,000 are also protected as part of the U.K. government’s deposit protection scheme.

Source: https://www.crowdfundinsider.com/2020/04/159960-monzo-reportedly-set-to-shut-down-las-vegas-customer-support-office-amidst-covid-19-pandemic/https://www.finextra.com/newsarticle/35614/165-jobs-go-as-monzo-shuts-las-vegas-customer-support-officehttps://techcrunch.com/2020/04/09/monzo-to-shutter-las-vegas/

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.