Close Menu

    Get the latest news around the globe

    Editor's Pick

    Odours from ripe fruit inhibit growth of cancer cells; study

    Antarctica’s ice shelves shrink by 40% since 1997; Report

    Major study finds clear leader in weight-loss drug battle

    Facebook X (Twitter) Instagram
    Facebook X (Twitter) LinkedIn Instagram
    Britain HeraldBritain Herald
    Subscribe
    • Home
    • World Roundup
    • Business
    • Tech World
    • Entertainment & Events
    • Curious
    • More…
      • Spotlight
      • Knowledge
      • Lifestyle
      • Awareness
      • Women World
      • Sports
      • Travel
      • Notable
      • Contact Us
    Britain HeraldBritain Herald
    Home » Metro Bank plans to cut 20% of its workforce
    Business

    Metro Bank plans to cut 20% of its workforce

    Metro, which earlier this week received shareholder approval for a $1.1 billion refinancing and recapitalization plan, is also in talks to sell a $3.8 billion mortgage book.
    KAVIA M RBy KAVIA M RNovember 30, 2023
    Facebook Twitter LinkedIn WhatsApp
    Metro Bank
    Image: Wikimedia Commons

    United Kingdom: Metro Bank, a retail and commercial bank operating in the UK, is planning to cut 20 percent of its workforce to save it from collapse.

    The bank said that the measures are part of a strategy to save around $63 million a year. It comes following the struggling challenger lender’s announcement of a $37 million cost-cutting plan last month.

    Ever since its launch, Metro Bank has made an effort to set itself apart from more established lenders by remaining open for longer. However, it also disclosed that it would reduce its hours of operation.

    Metro Bank

    It has about 4,000 employees, so under the plans, it anticipates losing about 800 of them. The bank noted that it plans to reduce “roles across the organisation, including at senior leadership level.”

    Metro, which earlier this week received shareholder approval for a $1.1 billion refinancing and recapitalization plan, is also in talks to sell a $3.8 billion mortgage book.

    Metro Bank remarked that, “The company is reviewing seven day opening and extended store hours across the store network and is in discussions with the Financial Conduct Authority about the customer implications of any such changes.”

    US on Failed SVB Bank
    Image: Pexels

    Established in 2010, following the financial crisis, Metro Bank was the first bank to open in the United Kingdom in over a century.

    It has faced difficulties in recent years because of an accounting scandal. The bank was having trouble turning a profit, and in October 2023, there were rumours that it was looking to raise capital and refinance a portion of its debt.

    MOST READ | WeWork files for bankruptcy in US as value plummets

    STAR OF SECTOR 2025
    Metro Bank Metro Bank Job cut Metro Bank Layoff Metro Bank Opening Metro Bank Workforce UK Metro Bank
    Share. Facebook Twitter LinkedIn WhatsApp
    KAVIA M R
    KAVIA M R
    • Facebook
    • X (Twitter)
    • LinkedIn

    Ms. Kavia M.R. is the Official Reporter at the Britain Herald. She holds a master's degree in Communication and Journalism. She aspires to excel in media, embodying integrity and honesty in her work. If you have any questions or concerns about the news/article, please get in touch with us at BritainHerald(at)Gmail(dot)com.

    Newly Updated

    King Charles to back Canada’s sovereignty in parliament speech

    May 27, 2025

    ‘Everest Man’ sets new record with 31st summit of Mount Everest

    May 27, 2025

    Volvo cars to cut 3,000 jobs in major restructuring effort

    May 27, 2025
    STAR OF SECTOR 2025

    Business

    Volvo cars to cut 3,000 jobs in major restructuring effort

    Business May 27, 2025

    Sweden: Volvo Cars has announced strategies to cut approximately 3,000 jobs, primarily targeting office-based roles…

    Trump demands US-made iPhones; Warns of 25% tariff

    May 24, 2025

    Nike to raise prices on select items citing seasonal planning

    May 22, 2025

    CATL shares jump after Hong Kong stock market debut

    May 20, 2025
    Stay In Touch
    • Facebook
    • Twitter
    • LinkedIn
    • Instagram

    Curious

    Massive ice calving at Perito Moreno Glacier sparks concern

    May 16, 2025

    Glowing Spiral appears in night sky; Linked to SpaceX Falcon 9 Rocket

    March 25, 2025

    Once dubbed ‘Ugliest’; Blobfish triumphs as NZ ‘Fish of the Year’

    March 19, 2025

    Giant Iceberg A23a runs aground near South Georgia; Easing wildlife fears

    March 5, 2025

    Get the latest news around the globe

    Knowledge

    Clownfish shrinks to survive marine heatwaves, study reveals

    Knowledge May 22, 2025

    England: Clownfish, famously known from the film Finding Nemo, are shrinking in size to survive…

    Kashmir conflict: History of disputes, wars, and unresolved tensions

    May 9, 2025

    Snakebite survivor’s blood sparks universal antivenom discovery

    May 3, 2025

    ESA’s Biomass satellite set for launch to map forest carbon

    April 29, 2025
    18-EA-387-TryEngineeringSummerInst_BannerAd_300x250_Robot
    About Us
    About Us

    Britain Herald is a global news brand that plays a significant role in educating and informing the masses with informative content, the latest updates, and current affairs across the World.

    Operated and Managed by WellMade Network, the portal is a sister concern of GCC Business News and Emirati Times. For inquiries about Media Partnerships, Investment and other opportunities in line with our Editorial Policy, please contact us at;

    Email Us: News@BritainHerald.com
    Whatsapp: +971 5060 12456

    We Have

    King Charles to back Canada’s sovereignty in parliament speech

    May 27, 2025

    ‘Everest Man’ sets new record with 31st summit of Mount Everest

    May 27, 2025

    Volvo cars to cut 3,000 jobs in major restructuring effort

    May 27, 2025

    Shubman Gill named India’s new Test Captain for England Series

    May 27, 2025
    Facebook X (Twitter) LinkedIn Instagram
    • Home
    • Business
    • Tech World
    • Awareness
    • Contact Us
    Privacy & Cookies Policy | Terms & Conditions
    © 2002 BritainHerald.com, An Initiative by WellMade Network

    Type above and press Enter to search. Press Esc to cancel.