Metro Bank to axe 20% of staff as part of cost-cutting drive

£50m per year in savings

Elliot Gulliver-Needham
clock • 2 min read

Metro Bank is set to cut 20% of its staff and review its seven-day opening policy as part of a range of cost-cutting measures to be implemented next year.

In a stock exchange notice today (30 November), the bank said it had identified potential cost savings of up to £50m per year, which will be implemented during the first quarter of next year. A £10-15m one-off restructuring charge is expected in 2023, which is lower than previously anticipated, the firm added. In October, the bank announced a cost reduction plan set to be launched in the fourth quarter of 2023, which was expected to deliver cost savings of about £30m per year. 'New chapter' as Metro Bank secures financing package While the bank said it remains "committed to stor...

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