- Metro Bank plans to cut 20% of its workforce as part of a cost-cutting initiative following shareholder approval of a refinancing deal.
- The job cuts aim to achieve cost savings of up to £50 million annually, with a one-time restructuring fee estimated at £10-15 million.
- The cost reduction plan is expected to be completed in Q1 2024, affecting approximately 800 roles at the UK high-street bank.
- Metro Bank is transitioning to a cost-efficient business model, investing in automation, and prioritizing the digitization of deposits through its digital channels.
- The bank aims to streamline lending activities, focusing on relationship banking and maximizing risk-adjusted returns on regulatory capital.
- Metro Bank is reviewing the opening hours of its physical branches, including the possibility of changes to seven-day opening and extended store hours.
- Shareholders approved a £925 million refinancing deal, enabling Metro Bank to accelerate growth plans and deliver sustainable profitable returns, according to CEO Daniel Frumkin.
Metro Bank to axe 20% of jobs and review branch opening hours in push to cut costs
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