8.6 C
New York
Wednesday, October 4, 2023
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

The Future of Payments: Wearable Technology Revolutionising Transactions

In this blog, we'll delve into the exciting world of wearable payment technology and explore how it's poised to reshape the future of transactions.

Demystifying Payment Engines, Gateways, Processors, and Channels

The payment infrastructure is the foundation of all financial transactions in the dynamic world of digital commerce.

Cross-Border Payments, Deep Dive

It will take a deliberate strategy grounded on in-depth local market and industry knowledge to navigate this complicated and diversified market.

Achieving Product-Market Fit: A UX Designers Guide 

The Product-Market Fit framework, coupled with key insights and practical methods, offer organizations a road map for navigating this vital phase successfully.