Troubled high street lender Metro Bank are to cut hundreds of jobs

The troubled high street lender Metro Bank are to cut hundreds of jobs as they are aiming to ramp up cost savings of £50 million a year.

The bank are also in talks with the City regulator, the Financial Conduct Authority, to cut back their branch opening days and to extend store hours.

This comes after the bank’s shareholders approved a funding package worth £925 million in an attempt to secure their future.

Metro Bank chief executive Daniel Frumkin said, “The support shown from our investors through this transaction will allow Metro Bank to accelerate its growth plans, with the new capital allowing us to unlock the potential in the business and deliver sustainable profitable returns as we strive to be the number one community bank.

“We remain committed to stores and the high street but will transition to a more cost-efficient business model while remaining focused on customer service.”