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Revolut CFO resigns following money laundering controversy

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31–40 of 256 posts

Re: Revolut CFO resigns following money laundering controversy

#31
post #7

Earlier quoted context omitted.

Wow... I'm genuinely shocked at the at the 27 GET IT DONE clicks. I mean this probably worked for that one weekend and until people got their bonus, but I bet you the moment the people had their bonus they would leave. It's a good sprint strategy but costs you talent and talent hiring in the long run.

Spot on! How much productivity is lost due to turnover and re-hiring?

“Doesn’t matter those people weren’t committed enough so we’re better off without them.” Yes, some people actually use that justification.

Re: Revolut CFO resigns following money laundering controversy

#33

Hmm... I've been #6000 or so on their waitlist for a card here in Australia for the past 9 months. I've emailed them a couple of time but just been told "be patient". Apparently I can skip 5000 ahead in the the line by referring a friend to their service - however the sheer length of delay and these recent incidents have motivated me to simply cancel my wait for their service. Perhaps I should check the wait list cou…

Getting a license to take deposits in Australia isn't easy. And then there was the banking royal commission which isn't going to speed things up.

If you are after this sort of thing, have a look at Up

Re: Revolut CFO resigns following money laundering controversy

#34
post #7

Earlier quoted context omitted.

Wow... I'm genuinely shocked at the at the 27 GET IT DONE clicks. I mean this probably worked for that one weekend and until people got their bonus, but I bet you the moment the people had their bonus they would leave. It's a good sprint strategy but costs you talent and talent hiring in the long run.

If you look more carefully, the icon actually says "GET SH*T DONE". Somehow a little more apt given the current headlines.

"GET SHIT DONE" has been their company mantra for years. They have it on their office walls.

Re: Revolut CFO resigns following money laundering controversy

#35
post #30
post #22

Earlier quoted context omitted.

Teach us, O wise one.

Use private mode, outline.com, archive.is, fake a google/facebook/twitter referrer, disable javascript, google cache, remove your cookies, etc

And which one of those works for https://www.telegraph.co.uk/technology/2019/02/28/revolut-fa...?

Re: Revolut CFO resigns following money laundering controversy

#37
post #5

I guess he wasn't hitting his KPIs or working enough weekends.

Or opted to hit KPIs instead of worrying about legal compliance.

When I saw that tweet about the KPIs a few hours ago, my first thought was Wells Fargo and the fraud that happened there to hit their KPIs [1]. I genuinely hadn't expected to hear about money laundering at Revolut just a few hours later... maybe I should have.

[1] https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scan...

Re: Revolut CFO resigns following money laundering controversy

#38
post #7

Earlier quoted context omitted.

Wow... I'm genuinely shocked at the at the 27 GET IT DONE clicks. I mean this probably worked for that one weekend and until people got their bonus, but I bet you the moment the people had their bonus they would leave. It's a good sprint strategy but costs you talent and talent hiring in the long run.

Spot on! How much productivity is lost due to turnover and re-hiring?

In many companies, executive management puts more trust in the HR management than other sectors of the org. I speculate it’s for a number of reasons: HR is often the most easily subverted department, needing far less objectivity than departments related to brass tacks product development, IT, customer service, etc. So HR can most easily be a yes-man that executives like to hear from. Also while there certainly are domain-specific properties of HR work that require training and experience, there are also relatively more things handled in HR that are understandable to a layperson with no specialized knowledge in that space, perhaps inviting executives to feel like they are contributing more directly when engaging with HR.

Whatever the causes might be, one big effect is that HR usually gets to spin stories about turnover and recruiting to create perceptions such as

- nobody could possibly have done anything to prevent a critical employee from leaving

- despite some critical person leaving, nobody did anything wrong and if they hired the same person again they should handle everything the same way.

- there are just not enough candidates (to disguise the real issue that compensation and benefits are not competitive)

- the employee we need has to be open-minded, but we’re only seeing dogmatic people in the pipeline and/or the ubiquitous “not a good culture fit” feedback, to disguise the problem that the company itself is dogmatic and closed-minded, and candidates react to perceived dogmatic culture by turning down interviews or offers.

And many more.

In other words, HR will spin the situation to say that no productivity is lost to turnover, that nothing could have been done to maintain that productivity, and that whatever happens is never due to misaligned compensation or management failures, it’s just an unchangeable cost of doing business.

Re: Revolut CFO resigns following money laundering controversy

#39
post #6

Earlier quoted context omitted.

I kinda agree but money laundering is a big problem too.

Somewhat off topic, but I’ve always thought of money laundering as kind of a “lame” crime: it’s what the government charges you with when you seem suspicious but it can’t figure out what you did.

Uhh no, the US money laundering statute requires a) that the money involved be the proceeds of specific criminal activities, and b) that the financial transactions be _knowingly_ used to disguise the origins and ownership of money.

It's used to punish people who are working to disguise serious crimes, principally the mob.

Re: Revolut CFO resigns following money laundering controversy

#40
post #3

also CEO of Revolut: "Why aren’t you working on weekends?" https://twitter.com/phillipcaudell/status/110108122935141580...

Wow, don't expect any revolutionary products out of a company with such a hostile working environment.

I also completely lost any trust that this company can safely deal with my money and private data securely.

Absolutely disgusting.

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