
Let me set the record straight - Sujan
https://blog.revolut.com/let-me-sec-the-record-straight/
======
spectramax
Top comment on the blog post : “I hope your KPI isn't tied to effectively
running the company because I'd say your performance rating is "significantly
below expectations" and we both know what that means.“

Let’s see if the PR damage people delete it.

VCs should observe this kind of behavior as a serious risk to company morale
and productivity. In the modern age of social activists, we really can’t have
another Larry Ollisen escape through extortion of their employees. This issue
needs to be exposed and put up as an example: your company’s most important
asset are the people. Treat them professionally and with respect or you’re
doomed to die. We are neither in a 80’s regimented business era nor this is a
military organization.

There are times when social media does good - exposing deep habitual issues of
extortion and exploitation. I don’t know how many other startups have this
kind of toxic environment. It’s legal but shouldn’t be ok and should be met
with the decline and demise of the company.

~~~
ck425
I find Monzo to be a great counter example to this. They've a great, employee
supportive culture and are very open and transparent around it. They've great
PR and said culture seems to be a major part of why.

Disclaimer: I invested a small amount in their last crowdfunding round

------
ilamont
"Revolut insiders reveal the human cost of a fintech unicorn's wild rise"

[https://www.wired.co.uk/article/revolut-trade-unions-
labour-...](https://www.wired.co.uk/article/revolut-trade-unions-labour-
fintech-politics-storonsky)

 _CEO Nikolay Storonsky gave an interview to Business Insider where he said
Revolut’s philosophy was to “get shit done”, a slogan that is emblazoned on
the company 's London office walls in bright neon lights. In an echo to what
was going on in these calls, Storonsky would go on to say in the interview
that the company attracted people that want to grow and “growing is always
through pain”.

Sources say at least one former head of HR resigned after failing to convince
Storonsky that the company had to change its dogmatic approach to performance
targets. In the last two years a total of three different people have headed
the HR department, the last one leaving two months before Revolut's use of the
controversial home task was revealed. At the time of writing, Revolut has more
than 200 vacancies listed on its website._

~~~
joshstrange
> Revolut's "home task" required applicants for various positions to recruit
> new app users. "200 or more sign-ups would be a very strong indication that
> you’d go into the next round of interview", the document read

Oh gross.

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pleasecalllater
Maybe he was not working on every weekend and his team hasn't hit the KPIs...
yea, weekends... all for the bonus for the boss.

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codemusings
A bank that lets you open accounts in a matter of minutes without background
checks or personal ID. What could possibly go wrong.

~~~
mikeash
Is that weird? I’ve opened savings accounts from traditional banks that way

~~~
neltnerb
They get ID sufficient to prove the identify of the person opening the account
and for banks to report suspicious deposits. Every account I've opened in the
last two decades has scanned or made a copy of my ID and required my social
security number. The US is my only experience with opening bank accounts
though. I'm pretty sure it is required to provide ID to open a traditional
bank account.

~~~
mikeash
I’ve definitely opened several US bank accounts without visiting in person or
sending a scan of my ID. They do attempt to verify your identity through other
means, like asking about stuff from your credit report.

~~~
mrsteveman1
Same here, and I think it's a better way to handle it.

If the person opening the account is physically standing in the bank lobby,
showing ID is strong evidence they are who they say they are.

But accepting a scanned copy of an ID online is in many ways _more_ risky than
alternative verification methods, it only tells you that the person had access
to a picture of an ID. It's assumed that would be difficult if they weren't
who they say they are, but that's not a reasonable assumption and banks
clearly know that.

I wouldn't be surprised if identity thieves have access to real scans of IDs
at this point. A lot of online services have been asking people to scan and
upload them for things like "verifying" your Twitter or Facebook account, so
people may not be as cautious about doing that as they should be.

~~~
mikeash
It has to be trivial to photoshop an ID scan, too. None of the fancy anti-
forgery measures they have would help.

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jsonne
Watching the damage control efforts in real time is always fascinating to me.

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zelon88
"Let me set the record straight" can almost always be reduced to "Let me dig
this hole a little deeper."

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benj111
Doesn't seem to be working for me at the moment.

Seems promising for an online only bank.

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xiphias2
I don't know anything about what happened, but something doesn't add up. Why
would a CFO of a successful company resign just because he doesn't have global
banking experience? Sounds like BS.

~~~
AngeloAnolin
Large organizations generally provide people at the C-level options to tender
their resignation rather than hitting the news with supposed firing (or
letting go). Firing connotes a lot of negativity as well as from a public
relations perspective, they want to ensure that this process would generate
the least amount of noise.

~~~
xiphias2
Generally yes, but those are formal announcements, where the title is not
,,Let me set the record straight''.

It's like saying that I'll be honest with you, and continue lying.

