March 5, 2020 / 12:07 AM / 3 months ago

Revolut hires former Goldman Sachs banker Michael Sherwood

FILE PHOTO: Woman holds smartphone with the Revolut app in front of a Revolut logo in this illustration taken February 4, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) - Revolut has hired former Goldman Sachs (GS.N) banker Michael Sherwood as a non-executive director, the fast-growing digital banking app said on Thursday.

The moves follow the appointment of veteran investor Martin Gilbert as Revolut’s chairman last November, as the financial technology company looks to strengthen its governance as it expands in the United States and Asia.

Revolut, one of a breed of new digital-only account providers taking aim at traditional banks, has grown at breakneck pace since its launch in July 2015 and now has more than 8 million customers and a valuation of around $5.5 billion (4.28 billion pounds).

Its growth has not been without pitfalls, however, with media reports criticising a cut-throat work environment and users complaining about its poor customer service.

Revolut acknowledged problems in its handling of customers who had lost money due to fraud attacks, when Reuters reported on the cases last September.

Founder and Chief Executive Nik Storonsky said the new board appointments would help Revolut’s global expansion.

Sherwood, also known as “Woody”, was one of London’s best-known bankers during his career. He joined Goldman in 1986 and rose rapidly to achieve the coveted rank of partner at the age of just 29.

He earned $21 million in 2015, regulatory filings showed, but retired from the bank the following year. Also that year he was called to appear before a British parliamentary committee hearing into the role Goldman Sachs played in advising on the sale of BHS a year before the department store went into bankruptcy.

Ian Wilson has worked at number of banks including Royal Bank of Scotland (RBS.L), Santander (SAN.MC) and Tesco Bank as well as Revolut rival Monzo.

Reporting By Lawrence White. Editing by Jane Merrman

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