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Revolut’s US boss leaves after less than two years

Oliveira reportedly told staff earlier this week that he would be leaving Revolut in the next few months.

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Ronald Oliveira/Seanlaosy

Revolut is no stranger to high employee turnover, but its latest exit will be the highest-ranking departure for several months.

Ronald Oliveira, Revolut’s US CEO, is reportedly leaving the digital banking service according to a report from  The Block.

Oliveira is said to have told staff of his departure earlier this week. He will leave his position at Revolut in the next few months, although it’s unclear where Oliveira is heading next.

Revolut appointed Oliveira to the role of US CEO back in March 2020 ahead of the launch of its American operations and just a hair before the world went into lockdown.

In a four-decade-long career, Oliviera has worked for several banks, including the Union Bank of California, where he worked for over 21 years, and most recently he spent over six years at Avidbank, a commercial lending bank based in California.

Exactly a year after its US launch, Revolut submitted a draft application for its US banking licence, working with the FDIC and the California Department of Financial Protection and Innovation to help secure it.

Earlier this month, digital bank and keen rival Monzo withdrew its banking licence application in the states, citing regulators telling the bank that its application was unlikely to be approved.

Revolut has seen a spate of employees leaving to head to other fintechs over the past year or so.

In July last year, Richard Davies, who was drafted in to bolster Revolut's governance amid criticism of its company culture, left after less than a year to head up Allica Bank.

Vaidas Adomauskas, Revolut’s former head of business, headed to e-commerce lender Uncapped in August of this year. 

Even more recently, digital banking service Monese appointed Revolut’s former finance chief Steve Tryner to CFO and trading and investment platform Freetrade pinched Revolut’s former deputy CFO and head of financial control Paul Brooking.

Questions have long been raised over Revolut’s work environment.

Earlier this month, the digital banking service’s stark gender pay gap was brought to light, with Revolut paying its female employees almost a third less than their male counterparts—equating to a whopping 31.2 per cent wage gap.

AltFi approached Revolut for comment but it is yet to provide one.

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