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Metro Bank to slash 1,000 jobs by mid-April
Evening Standard
|March 13, 2024
AROUND 1,000 jobs are going at Metro Bank by mid-April as the lender intensifies its efforts to slash costs, having teetered on the brink of collapse last year before being rescued by its investors.
It also returned to profit, for the first time since 2018, making £30.5 million for 2023.
The company confirmed the £50 million cuts today, which means more than a fifth of its staff are going. It announced new plans for £30 million more cuts before the end of the year.
Daniel Frumkin, chief executive, called it "a very tough decision" but one that was "a key step in helping support our long-term sustainability".
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