The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other monetary intermediation
120 jobs Number of planned job losses
Announcement Date
3 June 2020
Employment effect (start)
Foreseen end date
Description
Monzo, the UK-based digital bank has announced that it will cut 120 jobs at its head office and in its operations team in London, in response to the negative effects of theCOVID-19 crisis. The cuts are equivalent to around 8 per cent of the bank’s workforce.
The bank said that the news of redundancies was 'heartbreaking.' Monzo is a mobile bank, which was introduced in 2015 under the name Mondo. The bank offers current accounts managed and run entirely through a mobile app.
5 June 2020: FStech (Financial Sector Technology) (www.fstech.co.uk)
Citation
Eurofound (2020), Monzo Bank, Internal restructuring in United Kingdom, factsheet number 101287, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101287.
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