The unsightly sides of the banks-Revolution

the Name of The company is not by chance: Revolut. As Online or mobile banking, it wants the Fintech Start-up based in London, which was launched in 2015 and in the meantime, according to more than four million customers, the banking revolutionize. According to full-bodied, the title sounded also in this newspaper: "the British young entrepreneurs shocking Swiss banks", or "The foreign providers are the Swiss far superior". But now things come to light that should probably also bring the allegedly around 50'000 Swiss customers to Ponder.

As the Tech magazine "Wired" reported, but not least, Revolut such horrendous working conditions, that it is able to withstand even people in Executive positions there. This begins with the recruitment criteria, pay tribute continues with unusually long working days and unpaid work, and ends for the Unfortunate with a ruthless Hire-and-Fire mentality. "Wired" is based on statements of former Employees of the company.

200 new customers for a Chance to the point

A potential employee who is called out by the Tech magazine, only Laura, got as a suitability test, a very unusual task. You should recruit within a week a minimum of 200 new customers for Revolut, for example, among your friends. The company gave you concrete assistance. Laura, which should help to conquer the Spanish market, refused and went Public with it. After "El Diario" reported on this unconventional Recruiting method, promised to Revolut, you are to immediately cease.

it would have been another so-called Country Manager, i.e. an employee who is selected for a particular national market within the company responsible, was "Wired" to the record that seven of his colleagues, only a hold for a year. Two of them would have been fired after seven weeks already; he had to get autonomy and Budget is assured, at least the Latter, however, would have been non-existent. In addition, he and others had been of superiors being bullied. "Wired" made in response to this, the proof of the pudding: Of the 147 former Revolut-employees on Linkedin, it had to hold 80 percent less than a year.

The problems in the top management of the group

In a Statement to the magazine, the company is excused these abuses with what it is called in the Start-up sector, "growing pains", so growing pains: Revolut had grown in the past year from 150 to 750 employees, the employee turnover was relatively low. With regard to the allegations of former Employees, it means: "Our company culture is evolving as fast as our business."

the problems with the still poorly developed corporate culture move up in the business management, suggests in a Memo, the founder Nikolay Storonsky in the past year to its employees sent. There, he threatens, employees, throwing them out, the goals are not reached – without any discussion. All that perform below expectations, would, according to this Memo on a black list. At the same time, he criticised that Teams that fell short of expectations, would not still work on the weekend. These extremely high demands have taken their toll also in the management team, in the personnel Department: she had in the last two years of three different lines.

Long working hours, self-exploitation for the benefit of the young company, low wages, Job insecurity: All of this belongs in a certain mass to Work in a Start-up, but it seems as though Revolut shot in his conduct. Quite new to all of this is not, by the way – already one year ago there were reports about the harsh working conditions in the Revolut.

On Social Media Users expressed their disappointment and incomprehension.

I know working in startups can be tough, but this is just ???????????? pic.twitter.com/91EbSiUbFh

— Ben Rüegg (@ben_ruegg) 28. February 2019

"I understand that working in Start-ups be hard, but this is simply disgusting."

Now you have a choice... super great Service, the employees are treated poorly, or worse and more expensive Service, the employees have it good... https://t.co/YSMYRZdE2f

— Renato Mitra (@morganlibrary) 28. February 2019

A previous supporters wonder whether this is a Problem of the industry as a whole, or whether the Revolut only the exception.

Now comes out: the CFO is gone

The company has not expressed an opinion in social media so far to the allegations. And apparently, the next Trouble is already waiting for Revolut: How the British "Telegraph" reported, had to report directly to the Bank in the past year, during three months, an automatic warning system deactivated, the dubious money flows. This might have facilitated illegal transactions. Also now, it was announced that the CFO of the Revolut, Peter O'higgins, has already left the beginning of the year, the company – allegedly not because of the Trouble with the warning system.

As if all this were not enough, seems to have Revolut currently also technical difficulties. Multiple users on Twitter and Facebook report that they cannot access your accounts; the Bank itself confirmed in responses to individual Users that it is working on the solution to the problem. After all, the unofficial Motto is – it depends, at least in large Neon lights in the London office of the Bank in fright: "Get shit done." (Editorial Tamedia)

Created: 01.03.2019, 14:31 PM