Revolut employees told about wave of layoffs under pressure

by in Blockchain News

Revolut fires employees

More than 50 Revolut fintech startup employees have lost their jobs. The company invited them to either write a letter of resignation by agreement of the parties with the payment of a small compensation or to be dismissed for unsatisfactory work, reports Wired.

Layoffs affected Revolut employees from Poland and Portugal. According to one of the victims, before that, there were no complaints about her work, and she was given half an hour to make a decision.

In addition to the employees fired in this way, in May the startup reduced even more than 60 people against the backdrop of the crisis associated with the coronavirus. These do not include the aforementioned employees since technically they left on their own.

Related: Civil blockchain startup announces closure

Prior to this, Revolut announced a reduction in outsourcing costs, and also proposed that employees donate part of their salaries in exchange for company shares. This is supposed to help reduce the number of layoffs.

Most workers agreed to the proposed scheme with the exchange of salaries for shares. One share was valued at $121.