Metro Bank has announced plans to reduce its workforce and reevaluate its seven-day opening policy following the approval of its £925m rescue package by shareholders.
As of 2022, the bank, which has over 4,000 employees, aims to achieve annual savings of £50m with these measures, surpassing its prior cost-cutting target of £30m per year.
Facing criticism for its branch-centric approach in an increasingly digital banking landscape, Metro Bank is shifting towards a more economical business model. This includes enhancing automation in customer service and administrative processes and improving its digital platforms, especially for deposit services.
Daniel Frumkin, the Chief Executive, stated: “With the backing of our investors through this deal, Metro Bank can expedite its expansion strategies. The fresh capital will enable us to realize the bank’s potential and consistently generate profitable returns as we aim to become the top community bank.
“While we are dedicated to maintaining our presence in stores and on the high street, we are moving towards a more financially efficient model, still prioritizing customer service.
“These strategies, along with other cost-reduction initiatives, are anticipated to yield up to £50m in annual savings.”
