Metro Bank axing 850 jobs and reviewing seven-day bank branch opening hours
Metro Bank is set to axe 20 per cent of its workforce
PA
Metro Bank is cutting around 850 jobs and reviewing whether to stay open seven days a week as it strives to slash costs.
The high street lender has said it would cut 20 per cent of its 4,266-strong workforce.
Metro Bank said it is in talks with the Financial Conduct Authority, the City regulator, about cutting back its bank branch opening days and extended store hours.
The bank currently opens from 8.30am until 5pm Monday to Saturday and 11am to 5pm on Sunday.
Metro Bank is cutting around 850 jobs and reviewing whether to stay open seven days a week
PA
The banking group did not reveal which roles would be affected, but the review is expected to be across the business and Metro Bank said it is investing in automation for service and back-office operations.
The majority of cost savings are expected to be made in 2024.
It comes after Metro Bank shareholders approved a funding package worth £925million to secure its future on Britain’s high streets on Monday.
The shareholders gave the green light to a capital fundraise which will see billionaire Jaime Gilinski Bacal became a majority shareholder in the group with a 53 per cent stake.
Metro Bank chief executive Daniel Frumkin said: “The support shown from our investors through this transaction will allow Metro Bank to accelerate its growth plans, with the new capital allowing us to unlock the potential in the business and deliver sustainable profitable returns as we strive to be the number one community bank.
“We remain committed to stores and the high street but will transition to a more cost-efficient business model while remaining focused on customer service.”
The group insisted today that cost-cutting would not affect its growth and confirmed it still plans to open around 11 sites, largely across the North of England, by the end of 2025.
Metro Bank was set up in 2010 as a challenger to the regular banks, becoming the first new high street bank in the UK for more than 150 years.
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At the time, it planned to open between 200 and 250 bank branches in Greater London within the decade.
The bank has 76 branches across the UK, with 2.7 million customers.
GB News has contacted Metro Bank asking for comment.