INSUBCONTINENT EXCLUSIVE:
Following voluntary employee furloughs and salary cuts in the U.K., Monzo is continuing to take tough decisions in order to shore up its
challenger bank shutter its customer support office in Las Vegas.The United States outpost employs 165 customer support staff, who will now
lose their jobs, and provided overnight customer support to U.K
customers, a much loved feature of the bank
However, that has proven expensive for Monzo, which now claims more than 4 million customers, and disproportionate to the number of support
requests made during overnight hours (12% of queries, apparently)
Vegas support staff were servicing U.K
customers only, with United States customer support provided by a small team in London closer to the development and iteration of the Monzo
And, as it should do, the bank is offering support with CVs and reaching out to other employers, and doing things like running interview
prep sessions (however futile that may be with skyrocketing United States unemployment)
In addition, it is supporting applications for extended healthcare cover after the end of notice period.Lastly, as I caveated when
economic uncertainty continues
addition, unlike many fintechs, Monzo is a fully licensed bank, and therefore has a regulatory obligation to hold significant cash reserves
