Metro Bank has said it will review whether to stay open seven days a week as it also revealed plans to cut 20% of its workers.
The struggling lender said the measures are part of a strategy to save around £50m a year.
Since launching, Metro Bank sought to differentiate itself from more traditional lenders by staying open for longer.
Since launching, Metro Bank sought to differentiate itself from more traditional lenders by staying open for longer.
Metro Bank said: “The company is reviewing seven day opening and extended store hours across the store network and is in discussions with the Financial Conduct Authority about the customer implications of any such changes.”
Meanwhile, more than 850 Metro staff will lose their jobs. The bank currently employs 4,266 people and it said that it plans to reduce “roles across the organisation, including at senior leadership level”.
This week, shareholders voted to back a £925m rescue deal aimed at securing the bank’s future.
It has faced challenges in recent years after an accounting scandal. The bank had been struggling to make a profit and in October, reports emerged that it wanted to raise money and refinance some of its debts.
Metro Bank was founded in 2010 in the immediate aftermath of the financial crisis, becoming the first bank to open in the UK in more than a century.
Metro Bank has said it will review whether to stay open seven days a week as it also revealed plans to cut 20% of its workers.
Since launching, Metro Bank sought to differentiate itself from more traditional lenders by staying open for longer.
The struggling lender said the measures are part of a strategy to save around £50m a year.
Metro Bank said: “The company is reviewing seven day opening and extended store hours across the store network and is in discussions with the Financial Conduct Authority about the customer implications of any such changes.”
Since launching, Metro Bank sought to differentiate itself from more traditional lenders by staying open for longer.
Since launching, Metro Bank sought to differentiate itself from more traditional lenders by staying open for longer.
Metro Bank said: “The company is reviewing seven day opening and extended store hours across the store network and is in discussions with the Financial Conduct Authority about the customer implications of any such changes.”
Meanwhile, more than 850 Metro staff will lose their jobs. The bank currently employs 4,266 people and it said that it plans to reduce “roles across the organisation, including at senior leadership level”.
This week, shareholders voted to back a £925m rescue deal aimed at securing the bank’s future.
It has faced challenges in recent years after an accounting scandal. The bank had been struggling to make a profit and in October, reports emerged that it wanted to raise money and refinance some of its debts.
Metro Bank was founded in 2010 in the immediate aftermath of the financial crisis, becoming the first bank to open in the UK in more than a century.
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