Tristan Thomas, Vice President (VP) of Marketing at Monzo is to step down from his role at the end of this year. The news comes as the bank faces a fight to survive as a result of mounting losses.
Thomas was one of Monzo’s earliest recruits, joining in 2015 and has been credited with having a significant influence on how the firm has implemented its marketing strategy. Since 2015 the firm has rebranded from Mondo and upped its spend on mass-media advertising.
Thomas will remain at Monzo for the coming months and will assist the firm in appointing his replacement.
A bad lockdown
The news comes as Monzo looks an increasingly troubled firm with its losses more than doubling last year to almost £114m. Despite dramatically increasing its revenue, the challenger bank suffered losses after making investments in hiring, marketing and a campaign to break America.
The firm has also spoken of “significant doubt” over its future prospects as it expects to feel the pinch of an increase in credit losses as a result of the COVID-19 pandemic.
This has prompted the firm to lay off over 100 UK employees as well as close a US office. Thankfully, CEO, TS Anil said he doesn’t expect any further job losses and does have other cost-cutting measures to explore.
Speaking on Tristan Thomas’s influence at Monzo, a spokesperson said, “Tristan has played a huge role in making Monzo what it is today…we can’t overstate the impact of his work.”