We tend to forget that the bulk of the jobs in the new ebanks aren't done by tech guys in glitzy London offices, but by support & compliance staff dotted around Europe. Here's how Revolut got rid of dozens of them during the pandemic. Me for
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Revolut CEO Nik Storonsky has sent a message to staff about my article.Says they wanted to make the process as pain free as possible. Sadly the foreign workers that have been left stranded in Poland with no job continue to suffer with no income, no insurance & no way to go home.
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The excuse for treating staff this way? Storonsky says it is because they were “under pressure to reduce costs fast” as income was falling, but it doesn't allow them to “cut corners”. They say they will “do better”
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To play devil's advocate, would it have been better to not offer the bottom performers the choice? Sounds like the issue is that the employees felt like they were being manipulated by the existence of this choice where they would have preferred to have no choice.