Peter O. Higgins, CFO of Revolut, resigns this week as a result of the charges against Revolut regarding the authorization of money laundering and the use of questionable hiring practices

0
7

Revolut 's chief financial officer resigned as the fintech unicorn hit the headlines for all the wrong reasons, with allegations of serious lapses in money laundering controls and questionable hiring practices.

According to the Telegraph, Chief Financial Officer Peter O'Higgins, who took office after 12 years with JP Morgan, resigned from Revolut this week.

This news comes after documents sent to the telegraph by a whistleblower show that Revolut had disabled an automated system designed to end dubious suspicious transfers last year.

As a result, thousands of illegal transactions may have passed through the London-based startup's digital banking system between July and September 2018.

At the time, Revolut had stated that it had reported illicit activity to financial regulators and had made exposure insignificant, although the veracity of this claim is now being questioned.

Considered an alternative to established banks for financial technology, Revolut has seen phenomenal growth, opening daily between 8,000 and 10,000 current accounts and generating more than $ 4 billion a month for its four million customers in Europe.

But high-speed growth has a dark side, which is reflected in a shameless management culture of not taking any prisoners, which has led to rumors of high staff turnover and employee burnout.

By writing to Glassdoor's employee verification site, a current employee leaves no trace:

This is not the place to value your mental health or work / life balance. You are told that the company culture is to work 12 hours a day for 7 days, which the CEO says constantly in all his interviews. Which is understandable if you were one of the first employees with many stock options to expect, but expect to earn 84 hours a week for the same salary as you can win at Google or Facebook, makes no sense.

The CEO sends out an email threatening employees to be sacked if they do not meet their goals every 3 to 6 months, which is always nice to know that your CEO is on record.

Five different people have assumed the role of people leader over the last 18 months. No one stood there while the CEO got rid of it.

I will leave as soon as I find a better company and more competent senior executives.

Board of Directors

Have you ever wondered why your staff turnover was so high?

The answer is that you treat them like shit for the same money as what you could get in another company and yet, you think they should feel privileged to work for you.

While some other reviews on Glassdoor are more favorable, the pace of life fast, the young mind seems to begin even before people join the company, reveals Wired in an interview with a young Spanish anonymous hope, to whom we had announced that she needed to recruit at least 200 clients. Revolut in a week to qualify for a second stage interview.

After responding in writing that she was refusing to perform this task and that she was disappointed that the company "was taking advantage of someone who was looking for a job," the manager The company's business development, Andrius Biceika, sent her a message informing her that she was the only candidate on more than 350 who had complained about the job. "My apologies, you are not ready to show what you are capable of," he writes in the e-mail.

The bad publicity comes at a difficult time for Revolut, who has recently been the subject of a negative reaction from Twitter thanks to a misjudged marketing campaign.

A poster advertising the firm asked: "To 12,750 people who ordered a single delivery on Valentine's Day … How are you, hun?"

On Twitter, the ad was criticized for its "shame", its scary surveillance of user transactions, its condescending tone and its tearing away of a similar Spotify advertisement for 2016.

Editorial | What does it mean?

This content has been selected, created and edited by the Finextra editorial team based on its relevance and interest to our community.