(qlmbusinessnews.com Thurs 14th, 2024) London, UK —
Metro Bank Cuts Jobs and Ends Seven-Day Opening.
Metro Bank has announced significant changes, including the end of seven-day trading across all its branches and a reduction of approximately 1,000 jobs, following financial losses.
Starting March 29th, all 76 branches will close on Sundays and Bank Holidays, with over half also closing on Saturdays. The bank revealed plans to cut 22% of its workforce by mid-April as part of a major cost-cutting initiative.
The struggling High Street bank initiated a review of its operations last autumn in an attempt to save around £50 million annually. However, Metro Bank announced its intention to achieve an additional £30 million in savings by the end of 2024, leading to further job losses.
CEO Daniel Frumkin stated that while not all additional cost savings would stem from job losses, some would inevitably affect colleague costs. Despite the reduced opening hours, Frumkin assured that Metro Bank would still offer more hours of operation compared to its competitors.
Metro Bank does not plan to close any branches and intends to open approximately 11 new branches, primarily in the North of England.
These changes mark a significant overhaul for Metro Bank, coinciding with the announcement of an underlying loss of £16.9 million for 2023, an improvement from the £50.6 million loss reported the previous year.
Originally launched in the aftermath of the financial crisis, Metro Bank, led by American businessman Vernon Hill, aimed to revolutionize banking by offering customer-friendly perks. However, following a review initiated in November, the bank has opted to reduce its branches' opening days, with 44 sites now open only from Monday to Friday, and 32 branches open six days a week, Monday to Saturday.
Previously, Metro Bank branches were open from 08:30 to 18:00 from Monday to Saturday and 11:00 to 17:00 on Sundays.
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