Jan 28 (Reuters) - Britain's Metro Bank has launched the third round of redundancies in as many years, putting about 100 jobs at risk, the Financial Times reported on Wednesday. Reuters could not
Metro Bank Initiates Third Round of Job Cuts Affecting 100 Positions
Metro Bank's Job Cuts and Strategic Shift
Jan 28 (Reuters) - Britain's Metro Bank has launched the third round of redundancies in as many years, putting about 100 jobs at risk, the Financial Times reported on Wednesday.
Details of the Job Cuts
Under CEO Dan Frumkin, Metro Bank is looking to turn around its business by moving away from low-margin retail lending and expanding into corporate, commercial, specialist mortgage and SME lending.
Strategic Focus and Future Plans
"We regularly review our operations as we invest in growth areas, deliver our strategy and enhance our proposition for customers," Metro Bank said in a statement.
Market Reaction
The bank has informed 100 staff that their roles will be at risk as it streamlines the company by cutting costs and focusing on businesses that are more likely to boost growth, the FT reported, citing two people familiar with the discussions.
However, a spokesperson from the bank confirmed that the actual number of roles to be impacted will be significantly lesser than a hundred.
The lender, which has over 2,900 employees, reaffirmed its outlook for 2025 and beyond in November, driven by strong lending activity and a boost from its turnaround actions.
In late 2023, it announced it would lay off 20% of its staff and axe some customer perks, including seven-day opening hours.
Shares, which had gained 28% in 2025, were up 0.4% in afternoon trading.
(Reporting by Prerna Bedi and Rishab Shaju in Bengaluru; Editing by Anil D'Silva)
