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The Everly Summary (weekly TOP5 news)

Welcome to Everly.eu’s weekly summary. Let’s see the most important news we have covered during the last week in a TOP 5 list!

According to an investigation from Wired, Revolut pushed staff to pick terminating employment for “underperformance” or a “mutual agreement” including a small severance that counted as the employee leaving of their own accord. This could be illegal according to law experts.

Monzo has cut 120 jobs – but here nobody was complaining about the procedure, therefore those employees at least got their full severance. This comes with the new CEO TS Anil who has likely come to the position to do the necessary and tough decisions like this one.

Revolut has also released its new 7.0 version of their app last week, that presents itself as a financial super-app. We have also prepared an interesting profile of the new Monzo CEO TS Anil. And N26’s data research reported that only about 27% of people feel in control of their finances.

1st place: Revolut has been accused of pushing 50 of its staff to quit or to get fired

Some Revolut staff members claim that they have been pressured into leaving their jobs and taking salary cuts as the company applied cost-saving measures.

2nd place: Monzo cuts 120 jobs as a response to the coronavirus downturn

Monzo, the U.K. challenger bank, will cut up to 120 jobs as a result of the coronavirus pandemic.

According to an internal note seen by Reuters on Wednesday, the bank told employees: “Unfortunately we haven’t been able to achieve the goal of preventing the risk of redundancy at this time. It’s genuinely heartbreaking to share the news.”

3rd place: Revolut’s new app 7.0 is a financial super app

Revolut is now providing its customers with the latest 7.0 version of its banking app. The recent updates will create a financial super app for its users, according to a Revolut’s press release. 

4th place: TS Anil, the new CEO of Monzo

After co-founder Tom Blomfield decided to move to the newly established position of president, TS Anil the Monzo’s US CEO is going to become the CEO of Monzo as such. But who is he?

5th place: N26 data research shows only 27% of people feel in control of their finances

N26 is a german challenger bank that is live in 25 countries including the US. Last week it has announced survey results from its larger “Big Banking Chat”.

This global initiative revealed research on current consumer attitudes towards banking and their sentiment toward managing their finances. This survey has captured data from over 10,000 adults across Europe and the U.S.

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

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