Metro Bank to cut HUNDREDS of jobs and slash opening hours as lender forced into huge cost-cutting measures
STRUGGLING Metro Bank is axing 800 jobs and slashing its business hours as it battles a total collapse.
The lender, which has around 2.7million customers and 75 branches in the UK, will cut 20% of its 4,000-strong workforce.
Metro Bank is also planning to stop its seven-day branch opening as it attempts to claw back costs.
It comes after the bank announced a £30million cost-cutting plan last month.
Metro was handed a £925million injection by a Colombian billionaire after its share price collapsed.
Under the new refinancing and recapitalisation plan, cost reduction action will be carried out in early 2024.
It is hoping to save £50million a year as part of the plan to shore up its balance sheet.
Metro was founded in 2010 to capitalise on anger over high street bank closures following the financial crisis.
Bosses wanted to focus solely on their branch services by opening seven days a week.
But it came under fire in 2019 when £900million in loans were mis-classified.
Chief executive Daniel Frumkin said: “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.”
More to follow… For the latest news on this story keep checking back at The Sun Online. Thesun.co.uk is your go to destination for the best celebrity news, football news, real-life stories, jaw-dropping pictures and must-see video.
Like us on Facebook at www.facebook.com/thesun and follow us from our main Twitter account at @TheSun.