Metro Bank shares jumped by more than a quarter on Wednesday after its founder quit in the wake of a major accounting error and investors backed a new fundraising effort for the embattled lender. Metro Bank shares rose by 26.7% to 228p. Metro Bank is still dealing with the fallout, which involved the misclassification of £900m-worth of loans as being less risky than they were. Metro Bank’s senior independent director, Sir Michael Snyder, said: “Vernon is the inspiration behind Metro Bank, the first high street bank to open in the UK in over 100 years. “The board shares Vernon’s view that Metro Bank has now reached a point where an independent chairperson is appropriate to oversee the next stage of our journey.”

Source: The Guardian October 02, 2019 11:55 UTC