Metro Bank Plans Job Cuts and Branch Hour Reviews in Cost-Saving Effort

Metro Bank, a British lender, has announced plans to cut costs by potentially laying off 20% of its staff and eliminating some customer perks, including seven-day opening hours. The bank aims to save up to £50 million ($63.45 million) annually through this cost reduction plan. Metro Bank's shares rose after the announcement, and the plan is expected to be completed by Q1 2024. The bank also plans to invest in automation, improve digital services, and streamline lending. Three board members will step down at the end of the year, leaving the board with five non-executive and two executive directors. Other UK banks, including Barclays and Lloyds, are also reviewing their staff costs.