Metro Bank has announced about 1,000 jobs will be axed by mid-April as part of plans to reduce costs. The lender had previously confirmed plans to slash annual costs by £50million and today announced plans to cut another £30million by the end of 2024. Daniel Frumkin, Chief Executive Officer at Metro Bank, said Metro Bank has also saved money by reducing store hours across the business. Metro Bank was launched as a challenger bank in 2010, designed to compete against longer-established banks in the UK, and has around 2.7 million customers. There were 246,000 accounts opened at Metro Bank in the year, with over 52,000 of those in the fourth quarter.

Source: Metro March 13, 2024 12:58 UTC