Starling Bank has hit another hurdle as it gears up for a potential listing in the next year or two, as new boss Raman Bhatia has reportedly sparked a number of resignations after hybrid and remote staff were asked to come into the office more often.
Bhatia, who took over from founder Anne Boden in the summer, issued an instruction that all hybrid workers must come into the office for at least 10 days a month.
A number workers have resigned and others have threatened to do so, the Guardian reported.
Furthermore, while the challenger bank has 3,231 staff, almost all of which are based in the UK, it currently only has office space for 900.
"We are aware that in some office locations we may not be able to accommodate 10 office working days per month for everyone right now. We are considering ways in which we can create more space," Starling’s human resources team said in an emailed memo to staff, which was seen by the newspaper.
It comes just weeks after Starling was hit by a penalty of almost £29 million for "shockingly lax" controls to prevent its services being used for money laundering and by those on financial sanctions.
The digital bank, which has grown from around 43,000 customers in 2017 to 3.6 million last year, posted its third annual profit this summer, when the board expressed its eagerness about an initial public offer in London, though no date has been set.
Management said IPO plans had been a subject of discussion in board meetings and with shareholders.