Revolut slims down employee numbers in Europe amid coronavirus crisis

By Aisling Finn on Friday 5 June 2020

Digital Banking

The digital banking service has reportedly let go of over 50 members of staff in its offices in Poland and Portugal.

Revolut slims down employee numbers in Europe amid coronavirus crisis
Image source: Vlad Yatsenko and Nikolay Storonsky/Revolut

Digital banking service Revolut has reportedly made a spate of redundancies in its customer care team in Portugal and Poland, according to Wired

More than 50 employees have reportedly been told to either 'quit or be fired' by the digital banking giant as it feels the pinch of coronavirus.

AltFi has also received unconfirmed reports that this practice is happening among customer support staff across Revolut’s offices in Bulgaria, Lithuania and the Philippines.

The most recent firings are not a part of the 62 redundancies at Revolut that Financial News uncovered just shy of a month ago, that were as a result of “Covid-19 related cost-cutting,” according to a spokesperson for the company.

The new report states that both current and former employees were “coerced into accepting terminations,” despite Revolut having no concrete reason to fire them.

AltFi approached Revolut for comment to address the allegations that staff were pressured to hand in their notices in Portugal and Poland, and the additional markets of Bulgaria, Lithuania and the Philippines, but it has yet to provide one.

A spokesperson for the digital banking service did address the wider topic of redundancies and said: "Revolut strives to create a positive culture with a workforce that is motivated to achieve the best they can for our customers."

"Where employees leave the business as a result of redundancy or performance we aim for this to be as painless as possible and, in every case, we fully comply with local labour law requirements."

Revolut’s Krakow office, where the majority of the recent staff departures took place, is the fintech’s largest office, employing more staff than it’s London operations.

The Krakow office is the base of most of the e-money institution’s customer service operations and employs people from all over the world in order to help Revolut’s global customer base.

Revolut has had to take several cost-cutting measures amid the ongoing coronavirus crisis.

Founders Nikolay Storonsky and Vlad Yatsenko have forgone their salaries for the next twelve months as well as top executives taking a 25 per cent pay cut to ensure the digital challenger stays afloat.

Revolut also introduced a salary swap scheme, which would allow staff to swap £1 of salary for £2 worth of shares in the e-money institution.

The banking service has also seen eight executives depart since the start of lockdown, although these departures were all unrelated to coronavirus.

Despite this uncertainty, founder Nikolay Storonksy revealed that Revolut planned on acquiring its coronavirus-hit rivals using a chunk of its recently-raised $500m Series D funding. 

Storonsky went as far as to say: “This is not just blue-sky thinking—we’ve just done a fundraising, we’re cash-rich,” in an interview with the Financial Times.

Despite the ongoing turmoil, Revolut is still on the hunt for a UK Chairperson to help it secure a UK banking licence, something it has operated in the UK for five years without one.

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