8.6 C
New York
Thursday, January 26, 2023
Home Uncategorized Revolut launched a procedure codenamed "Project Prism"

Revolut launched a procedure codenamed “Project Prism”

The company has withdrawn some job offers for graduates just a few days before the start, reports the Financial Times.

Read also: Starling launched bulk payments feature for businesses

Revolut already started the review process in May, which includes a “full, in-depth analysis of roles and responsibilities and a review of what consolidation can be done,” one of the sources told the Financial Times.

However, Revolut declined to comment on Prism, but a person familiar with the company’s position told the Financial Times that like any responsible company, we examine our hiring, cost base and resources for adequacy and plan pragmatically for the future.

In the past few days, some fresh graduates have written on LinkedIn that Revolut has withdrawn their job offers, in some cases a few days before starting work, citing that they need to review their business needs.

One applicant reportedly even received a company laptop after being notified that the offer had been withdrawn.

Revolut said in a statement on the matter: “We have apologized to the candidates and offered to support them in the next step of their career (such as interviewing and recruitment advice) as well as financial support,” the group said, noting that they still have 200 open positions, and a net 300 new positions are added every month. Revolut’s the global headcount exceeded 5,000 for the first time in July.

The company is also under pressure from its auditors to improve its internal controls after regulators accused the firm of material misstatement in its audit reports, the Financial Times reports.

Citing sources familiar with the matter, FT revealed that Revolut was the unnamed financial services provider whose audit by accounting network BDO was slammed by the FRC a month ago. The regulator said that the BDO audit lacked an adequate approach to revenue recognition “and as a result, the risk of an undetected material misstatement was unacceptably high.”

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

Recent posts

Tranch Secures $100 Million in Funding to Bring Payment Flexibility to B2B Market

The funding round was led by Soma Capital and FoundersX, and included participation from several US and UK fintech founders which also includes a credit facility from Clear Haven Capital Management.

Federal Prosecutors Seize $700 Million in Assets Connected to Sam Bankman-Fried

primarily in the form of Robinhood shares owned by the FTX founder, according to a court filing revealed on Friday.

How Much is a Bank Bonus Worth to You?

In today's competitive banking landscape, many financial institutions are offering cash bonuses to entice new customers to switch over.

Gen Z: The New Face of Banking

Generation Z is a unique and powerful generation that is shaping the way we think and bank.