Good morning. Today we're talking about Monzo reaching profitability, the CBI’s fight for survival and investment banking job cuts.

Big Stories

Monzo turns a profit

Yesterday the British digital bank announced it had narrowed its annual loss in the year to February and reached monthly profitability in March. Since launching in 2015 the Monzo has amassed over 7m UK users to become the largest banking app in the country. But it’s lagged digital rivals like Starling and Revolut that have already translated rapid growth into profits. Monzo's revenue more than doubled to £355.6m in the past year thanks to a rebound in customer spending after pandemic lockdowns, while its deposits increased 34% to £6bn. Meanwhile the bank remains under investigation by financial regulators for its money-laundering measures after failing to spot nearly £10m in customer fraud.

CBI’s survival fight

The UK’s largest business lobbying group has sought legal advice on a possible filing for insolvency as it prepares for a vote on its future. Yesterday the CBI announced that its president would step down early as part of a plan to reform the organization following allegations of sexual assault among employees which has seen it lose several big name members including Natwest, BT and Unilever. The CBI has paused its day-to-day operations due to the allegations and will only resume them if members back its plans for change at an extraordinary general meeting next week. But the group admitted its future would involve a more slimmed-down operation even if survives the confidence vote.

More Goldman cuts

Goldman Sachs is reportedly considering its third round of layoffs in less than a year amid a muted dealmaking environment that has dented revenues across Wall Street. The investment bank eliminated several hundred roles in September, followed by one of its biggest ever rounds of cuts when it slashed about 3,200 positions in January. The moves this time are expected to affect less than 250 people and will include more-senior employees. Other banks are also scaling back operations: Morgan Stanley announced about 3,000 job cuts this month and JPMorgan cut about 500 jobs last week.

Elsewhere...

Expiring vouchers: Households using prepayment meters have been urged to avoid missing out on £400 worth of support, with just a month left to claim.

Heavy flying: Air New Zealand is weighing passengers before they board international flights, as part of a survey to determine average passenger weight.

Curbing shoplifting: Steaks and cheese are being fitted with security tags and coffee replaced with dummy jars, as supermarkets battle to curb a rise in shoplifting.

Falling valuation: Twitter may now be worth one-third of what Elon Musk paid for the social media platform just seven months ago, according to Fidelity.

Closing the deal: The House of Representatives has approved a deal to allow the US to borrow more money, days before the world's biggest economy is due to start defaulting on its debt.

Loop Likes

Number Of The Day

267,171

The number of Tesla’s Model Y sold in the first quarter of 2023 to become the world’s best-selling car, the first time an electric vehicle has ever held the top spot.

Not a subscriber? Sign up for free

Want to reach an audience of UK business leaders, young professionals and 1,000+ other smart, ambitious people? Reply to this email and we'll be in touch!