The COVID-19 pandemic has been a devastating blow for the global economy. Within a few days, the pandemic pushed the entire world to the edge of a recession, severe than the 2008 crisis. With businesses shutting down, millions of people losing their jobs, this recession can leave scars that last longer even when growth resumes.
Monzo’s annual loss doubled
Recently, the UK digital bank Monzo announced that its annual losses more than doubled from £47.2 million to £113.8 million amid its hiring spree, marketing, and US expansion.