Metro Bank To Lay Off 800 Employees
Following an intensified drive to cut expenses following a recent multimillion-pound rescue deal, Metro Bank is set to cut approximately 800 jobs by the end of March and revise its distinctive seven-days-a-week branch structure.
The decision to reduce a fifth of its 4,000-member workforce follows a thorough reassessment of the cost structure, which revealed potential annual savings of up to £50 million, according to The Guardian.
The bank intends to achieve these savings by exploring automation opportunities and potentially reducing operating hours across its 76 branches, a move that was initially estimated to save £30 million prior to the recent £925 million rescue deal.
Bacal's track record of reviving troubled financial institutions, particularly in Latin America, aligns with Metro Bank's increased cost-cutting efforts. Staff costs currently account for approximately 45 per cent of total bank expenditures, a significant factor for the first new UK high street lender in 150 years, which was initially known for its emphasis on in-person banking.
Despite a 20 per cent reduction in headcount, the bank reaffirms its commitment to areas of growth, such as plans to expand its branch network into northern England.
