Metro Bank has increased the number of planned job losses to 1,000, more than a fifth of its workforce, as it seeks to slash costs further.
The high street bank had previously announced that it expected to make 850 staff redundant, but in its 2023 results statement published today (13 March) it revealed that around 1,000 employees are set to leave the organisation by mid-April, with the consultation process having concluded.
It said it continued to seek cost reductions by “transitioning to a more cost-effective model” and expects to see additional annualised savings of £30m by the end of 2024. Annual savings of £50m are on track to be delivered in the first quarter.
Metro Bank job losses
Redundancies have little effect on UK employee engagement
Metro Bank also plans to scale back its seven-days-a-week opening model across its 76 branches from April. It will close on Sundays, reduce daily opening hours in some branches and move some to five days a week, but also expects to open new branches in the north of England.
CEO Daniel Frumkin said: “During the year we also launched a cost-saving plan which included reducing store hours and roles across the organisation. These efforts will ensure the bank is right-sized for the future, with a strong focus on both digital and great customer service.
“Looking forward, I remain confident in our ability to be the number one community bank. The work we have undertaken this year has laid the path to become a structurally profitable business and our focus towards the SME, commercial and specialist mortgages sector presents an exciting opportunity in an underserved area of the market. I remain grateful for the continued support of our colleagues, customers and shareholders as we embark on the next chapter of our journey.”
Several other high street banks have announced job losses over recent months, including Lloyds Banking Group and Barclays.
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