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Revolut has experienced the exodus of staff and officials since the coronavirus pandemic struck. Besides the 62 redundancies that the company announced earlier in the year, the company fired more than 50 of its employees.
Major UK-based challenger bank Revolut is set to hire two executives from e-commerce giant Amazon.com Inc (NASDAQ: AMZN) after the exit of its Head of Regulatory Compliance official Chris Sing. Per TechCrunch’s report, Chris Sing who joined Revolut bank barely two years ago will be joining Barclays as its new chief of staff to the group chief compliance officer.
Prior to his debut with Revolut bank whilst still being a startup, Sing was a staff of the Financial Conduct Authority (FCA) for many years while also doing a secondment at an incumbent bank, Santander.
As TechCrunch gathered, Revolut has confirmed Sing’s departure, whose direct responsibilities are being taken on by group head of compliance assurance Harinder Gill, until a replacement is recruited.
Revolut Has Experienced Exodus of Staff and Official Team in Recent Times
The neobank has experienced the exodus of staff and officials since the coronavirus pandemic struck. Besides the 62 redundancies that the company announced earlier in the year, the financial technology company Revolut fired more than 50 of its employees.
The staff members were fired in Poland and Portugal and despite mounting claims that these staffers were pressured into leaving their jobs at one of Europe’s fastest-growing fintech startup since the coronavirus pandemic struck, the company has maintained the position that the staffs left due to underperformance issues.
Besides the underperforming argument, Revolut bank also announced the potential sacking through cost-cutting strategies, even though it got secured $500 million in new funding, pushing its worth to $5.5 billion in February 2020. The company noted these plans included a reduction in outsourcing costs and an “entirely voluntary” salary sacrifice scheme, where any employee could exchange part of their wages for double their value in Revolut share options
These departures have also seen key Revolut officials including former Chief Executive Officer (CEO) of Banking Richard Davies, who left to join Allica Bank as CEO. Another is Andre Muhammad, head of trading with yet an unknown destination.
At a time when most businesses are reeling from the loss caused by the COVID-19 pandemic, there is a limit to the cost-cutting strategy through lay-offs that will be permissible to keep operations at par.
In a bid to balance out the recent departure of Chris Sing, Revolut is set to hire two new executives from Amazon (AMZN), as TechCrunch admitted. The new executives are Steven Harman, who joins as the Revolut’s new Group Chief Operating Officer (COO) and Jim McDougall, who will emerge as Revolut’s new Chief People Officer. Harman was most recently Amazon’s VP of continental Europe customer fulfillment, and McDougall held the position of director or HR services transformation. These robust profiles will come handy in helping Revolut put its latent funding to drive operational stability as it looks forward to global expansion.
Revolut as a company needs to drive its focus to turning a consistently profitable venture, the firm reportedly said its losses in the 2019 fiscal year stood at £106.5 million. Staff stability is key to ensuring this, and with the hiring of two additional executives, the bank may be on track to getting its man-power back on track to deepen its market dominance.