Metro Bank confirms around 1,000 jobs will go by mid-April under plans to cut costs

High street lender Metro Bank has confirmed around 1,000 jobs will go by mid-April under ongoing plans to cut costs and revealed it aims to achieve further savings over the year ahead.
Greg Wright
By Greg Wright
Published 13th Mar 2024, 08:23 BST
Updated 13th Mar 2024, 10:19 BST

The group said previously announced plans to annual cut costs by £50m was seeing it shed around 22 per cent of its 4,266-strong workforce which is higher than the originally expected 20 per cent.

It said it was looking to cut another £30m by the end of 2024.

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Details of the overhaul came as it reported a £16.9m underlying loss for 2023, narrowed from losses of £50.6m in 2022.

High street lender Metro Bank has confirmed around 1,000 jobs will go by mid-April under ongoing plans to slash costs and revealed aims for further savings over the year ahead. (Photo by Mike Egerton/PA Wire)High street lender Metro Bank has confirmed around 1,000 jobs will go by mid-April under ongoing plans to slash costs and revealed aims for further savings over the year ahead. (Photo by Mike Egerton/PA Wire)
High street lender Metro Bank has confirmed around 1,000 jobs will go by mid-April under ongoing plans to slash costs and revealed aims for further savings over the year ahead. (Photo by Mike Egerton/PA Wire)

On a statutory basis, the group said it returned to profit for the first time since 2018, with pre-tax profits of £30.5m

Daniel Frumkin, Chief Executive Officer at Metro Bank, said: “Overall, Metro Bank performed strongly in 2023 as we continued to position the business for growth.

"We were pleased to return to profit on a statutory basis and deliver our best half-year results for several years. After addressing our capital position in Q4, we also launched a successful deposit campaign, with deposits totalling £16.5bn as at the end of February 2024.”

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“During the year we also launched a cost saving plan which included reducing store hours and roles across the organisation. These efforts will ensure the bank is right-sized for the future, with a strong focus on both digital and great customer service.”

“Looking forward, I remain confident in our ability to be the number one community bank. The work we have undertaken this year has laid the path to become a structurally profitable business.”

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Related topics:Metro Bank