PanamaTimes

Saturday, Oct 24, 2026

German digital bank N26 is facing outcry from its staff over management

German digital bank N26 is facing outcry from its staff over management

Staff at the Berlin-headquartered fintech company held two votes this week to elect a board for a works council. N26 filed two court orders to prevent workers from meeting but employees managed to find away around them. N26′s co-founders argue the German works council doesn’t fit with its culture and excludes international employees.

German digital bank N26 is grappling with discontent from some of its employees, who are trying to organize a works council to express their concerns with management.

Staff at the Berlin-headquartered fintech company held two votes this week to elect a board for the works council, which aims to represent workers in meetings with employers. They are now set to begin the process of organizing a works council election.

The move was met with fierce opposition from N26′s management, with the company filing two separate court orders to prevent both meetings from happening. Employees organizing the works council managed to find a way around the injunctions by enlisting the help of German labor unions ver.di and IG Metall.

“Trust and confidence in the management of N26 ensuring the wellbeing of the workforce as a whole is at an all time low,” the N26 workers claimed in a statement on their website. “We have seen that our management is aware of the discontent of employees.”

News of the friction between N26 and its staff was first reported by German fintech news outlet Finance Forward. Among the concerns raised by employees was a lack of transparency when it comes to salaries and high work pressure, according to Finance Forward.

N26′s co-founders Valentin Stalf and Maximilian Tayenthal have argued for an alternative, saying they believe the traditional German works council doesn’t fit with the fintech group’s culture and would exclude international employees. The company claims it filed the injunctions against employee gathering due to concerns over safety amid the coronavirus pandemic.

“The alternative to the Works Council should have a representation of employees who are not only based in Germany, but also all other countries, including Brazil and the United States,” N26 told CNBC in an emailed statement Thursday, adding this alternative should also allow for digital voting and decision making.

“There could also be a shorter term for members of the global employee representation board to ensure that new employees don’t have to wait for several years until they get to elect their representatives. We believe that this will take employee representation to the next, international and inclusive, level.”

But, the company added: “That said, if the N26 team feels that they want to organize the feedback culture in Germany differently via a works council, N26 will of course respect and support this, as well as any step in the formation of an electoral board.”


Cops arrive

In a dramatic turn of events on Friday, police were called to the Berlin bar where N26 employees gathered to form the works council. According to the workers, cops turned up briefly to check safety measures were in place and left once satisfied this was the case.

An N26 spokesperson told CNBC that it had no knowledge of anyone at the company calling the police on workers.

Under German law, workers have a right to form employment councils and hold such meetings. While N26 is not legally permitted to prevent such meetings from taking place, the company is concerned they could leave staff exposed to Covid-19. German public health restrictions require big public gatherings to be no larger than 500 people, and N26 has more than 500 employees in Berlin.

Still, the episode highlights the struggles faced by upstart fintech companies in maintaining a positive work culture while experiencing significant growth.

Last year, Revolut was accused of fostering a toxic work culture as employees were reportedly faced with unpaid work and unrealistic targets. For its part, Revolut admitted to failings on how its staff were treated in the early days of operations and promised to change.

N26 “tries to be a start-up and a grown-up bank at the same time,” Oliver Hauser, union secretary at ver.di, told CNBC on Thursday. “This has a negative impact on the working conditions and lead non-functioning structures and inequality among workers.”

“We have always been committed to treating our employees fairly, and continue to stand by this philosophy,” an N26 spokesperson told CNBC. “Indeed, as a fast-growing business, N26 is larger and more complex than before, and we recognize the need to constantly review, upgrade and recalibrate our approach to employee engagement as our workforce grows with us.”

Later on Friday, Stalf, N26′s CEO, posted a statement on LinkedIn apologizing over the firm’s handling of workers trying to organize a works council. He insisted that N26′s priority “has always been to ensure the safety of our teams” amid the Covid-19 pandemic.

N26 is one of Europe’s leading mobile app-based challenger banks, having attracted millions of users and raised a total of $770 million from investors including PayPal co-founder Peter Thiel, Hong Kong billionaire Li Ka-shing, Chinese tech giant Tencent and Singaporean sovereign wealth fund GIC. Other start-ups in the so-called “neobank” space include Britain’s Monzo and Revolut, Brazil’s Nubank and U.S.-based Chime.

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Advertising trick: Pepsi’s Harrier Jet Commercial Led to a $700,000 Court Fight
Why 2027 Could Be a Strong Year for Stocks—and Why the Forecast Is Fragile
Trump’s Top General Seeks an Exit Strategy From Iran War, Report Says
Brock Lesnar Retires From Wrestling, Closing a Career of Rare Athletic Range and Lasting Controversy
Trump-Era Policy Shifts Test the Boundaries of U.S. Institutions
Weight-Loss Drug Boom Tests the Limits of Prescription Advertising Rules
Breaking With the Past: One of the World’s Smallest Countries Changes Its Name
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Cuba’s Grid Fails Again as Fuel Crisis Deepens
Nazca Lines Flight Crash Kills Thirteen as Peru Suspends Aerodiana
OpenAI Faces Demands for Full Disclosure After Models Breach Hugging Face
FIFA’s Private-Investment Plan for World Cup Rights Draws European Revolt
Why Americans Queue for $15 Ice Cream and a $100 Caviar Pint
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Miliband Sets Climate and International Law at Centre of UK Diplomacy
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
Morgan Stanley Builds a Wall Street Lead in AI Infrastructure Finance
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Spain Defeats Argentina in Extra Time to Win Second World Cup
Venezuela’s Earthquake Devastation Turns U.S. Investment Opportunity Into a Thirty-Seven Billion Dollar Reconstruction Challenge
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
The Ledger Will Not Trust on Faith
Trump Administration Pressures Banks to Restrict Financial Access for Undocumented Immigrants
The Ten World Cup Finals That Defined Football History
Smartphones Are Getting More Expensive, Sales Are Collapsing, and Even Apple Admits: "Prices Will Rise"
The AI Race Enters Its Infrastructure Era
Colombia Influencer Dies After Cosmetic Procedure at Unlicensed Bogota Salon
A Quiet Bastille Day: France Grapples with World Cup Heartbreak and Leftover Fireworks
Spain in Ecstasy: "We Feel Unbeatable, We Taught the Whole World a Lesson"
On the Island That Did Not Yield to Trump, There Is No Electricity, and 10 Million Live in Darkness
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Anthropic Reengineers Agentic Architecture to Shift Autonomous Workplace Automation to the Cloud
Global Crisis Alert: Escalating Middle East Tensions and UK Political Upheaval
Japanese Technology Firm Fujitsu Launches Advanced Artificial Intelligence Tool for Corporate Disclosures
South Africa Officially Launches Nationwide Campaign for Highly Contested Local Government Elections
United Kingdom Commits Additional Funding for Unexploded Ordnance Clearance in Laos
Singapore Announces Stringent New Greenhouse Gas Regulations for Commercial Cooling Systems
Cambodia and Thailand Hold High-Level Border Security Talks at United Nations Headquarters
Myanmar Military Government and China Sign Major Agreement to Upgrade Media and Cultural Cooperation
Knife Attack at Swiss Train Station Leaves Three Injured in Suspected Act of Domestic Terrorism
Transnational Extortion Gang Threatens Canadian Police With Army of One Thousand Armed Operatives
Australia Imposes Forty-Two-Day Quarantine on Cruise Ship Passengers Following Deadly Hantavirus Outbreak
International Monetary Fund Unlocks Seven Hundred Million United States Dollars for Sri Lanka Following Economic Reforms
Australia Launches Record One Point Four Billion Dollar Lawsuit Against Chemical Giant 3M Over Contamination
China and Canada Foreign Ministers Meet in Ottawa in Effort to Stabilize Strained Diplomatic Ties
Indonesia Demands Urgent United Nations Security Council Reform Amid Escalating Global Conflicts
Extreme Weather Patterns Trigger Severe Drought in Madagascar and Destructive Flooding in East Africa
Indian State of Karnataka Faces Political Upheaval as Chief Minister Siddaramaiah Abruptly Resigns
Philippines and Japan Reaffirm Defense Ties as Crucial for Indo-Pacific Regional Stability
Norway Joins French Nuclear Deterrence Initiative in Major Shift for European Security Architecture
×