Monzo CEO waives salary for a year as bank prepares for coronavirus downturn - source

LONDON (Reuters) - The boss of British digital bank Monzo has volunteered to forego his salary for a year, while other senior staff will take a 25% pay cut, as part of measures the lender is taking in response to the coronavirus hit on the economy.

Co-founder and CEO Tom Blomfield told the bank's 1,500 staff that he would not be taking a salary for twelve months, a source familiar with the contents of the memo said.

Other members of the senior management team, the board and some other staff have volunteered to take a quarter cut in pay, the source said.

Monzo has also offered a number of Monzo's UK employees voluntary 'furloughing' for two months, under a government scheme to protect jobs.

Launched in 2015, Monzo has attracted more than 4 million customers in Britain and last year launched in the United States.

The memo was first reported on by TechCrunch.

(Reporting by Iain Withers, editing by Sinead Cruise)