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Metro Bank to axe 800 jobs and review opening hours

The sign for Metro Bank in Liverpool England

Metro Bank to axe 800 jobs and reviews opening hours

Metro Bank is considering reducing its seven-day opening hours and cutting 800 jobs.

The move is part of a strategy to save approximately £50 million annually. 

The bank had stayed open for longer than more traditional lenders.

Read More: Barclays To Cut 900 More UK Jobs To Reduce Costs

It is currently in talks with the Financial Conduct Authority (FCA) to evaluate potential customer implications. 

Metro Bank has plans to trim another 850 jobs from roles across the organisation, including senior leadership positions, from its current employee base of 4,266. 

This initiative follows shareholders' approval of a £925 million rescue deal earlier this week.

It was designed to stabilise the bank facing challenges in recent years, including an accounting scandal.

Since its inception in 2010, Metro Bank has aimed to disrupt traditional banking by offering longer opening hours, remaining open between 8am and 8pm throughout the week. 

Read More: Capita Plans 900 Job Cuts In Cost-Cutting Plans

The bank's consideration of scaling back these hours reflects a shift in its operational strategy. 

Its website currently lists branch hours as 9.30am to 5.30pm.

"No decisions" made on opening hours

A Metro Bank spokeswoman said: "No decisions have yet been made" about opening hours.

Despite the cost-cutting measures, Metro Bank said it’ll maintain a physical presence on the High Street and actively seeks new branch locations in northern England. 

The cost reductions will involve leveraging automation for services and streamlining back-office functions.

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The approved financing deal, supported by investors, entails Metro Bank raising £325 million and refinancing £600 million of debt. 

Colombian banking tycoon Jaime Gilinski Bacal would become Metro Bank's controlling shareholder, holding a 53 percent stake.

His firm, Spaldy Investments, will inject £102 million into the bank. 

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