June 3, 2020 / 4:59 PM / a month ago

Britain's Monzo cutting up to 120 jobs due to coronavirus impact

LONDON, June 3 (Reuters) - British digital bank Monzo is cutting up to 120 jobs, according to an internal note seen by Reuters on Wednesday, as the impact of the coronavirus pandemic on its business begins to bite.

The bank, founded in 2015 and known for its coral pink-coloured debit card, as recently as February told Reuters it planned to hire around 500 people this year as it aimed to continue its rapid growth.

The pandemic however has since made the outlook worse.

“Unfortunately we haven’t been able to achieve the goal of preventing the risk of redundancy at this time. It’s genuinely heartbreaking to share the news,” the memo said. (Reporting by Iain Withers and Lawrence White;Editing by Elaine Hardcastle)

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