Metro Bank has announced that it will conduct an internal review to determine whether to remain open for business seven days a week following the decision to cut back-office jobs and to reduce the number of its current employees. The bank has revealed that it aims to cut 20% of its current workforce, or over 850 jobs, as part of a £50m annual cost-saving plan, including reducing its operating hours. The bank’s current opening hours have been a unique selling point since it launched in 2010, with the bank positioning itself as a challenger to traditional high-street banks.
It was reported in October 2019 that the bank needed to raise money and refinance some of its debts, which was followed by an accounting scandal. It had been seeking to overcome financial problems and make a profit. The bank has suffered several setbacks in recent years; however, a new £1bn rescue deal has been approved with the aim of securing the future of the bank. The bank currently employs 4,266 people, and it plans to reduce “roles across the organisation, including at senior leadership level”.
Metro Bank formerly opened its branches between 8 am to 8 pm for seven days a week to differentiate itself from more traditional lenders, but it has now announced a shorter opening timeframe. On its website, the bank has stated that branches will be open from 9.30 am to 5.30 pm, and it is unknown whether this will be a permanent change.
The bank has stated that it is still committed to branching operations and the high streets and is currently looking for sites to establish new branches in the north of England. The reductions are intended to increase automation of services and reduce the need for back-office roles. The bank is in discussions with regulators about the impact of reducing opening hours on customers.
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