Hints and tips:
Related Special Reports
...Metro Bank has suspended its bid to secure regulatory sign-off on risk models that it previously said would turbocharge profitability....
...Metro, the first of a wave of challenger banks that promised to upend the established order in UK retail banking following the financial crisis, is racing to shore up its finances....
...Metro became the first new high street bank in the UK for a century when it opened its flagship branch in Holborn, in central London, in 2010....
...Gilinski, whose investments stretch from banking to property and the food industry, first took a stake in Metro in November 2019 when he picked up 9 per cent after the accounting scandal and the bank’s subsequent...
...Metro Bank has promised to cut another £30mn off costs, adding to a £50mn plan already in place, as it pushes ahead with its restructuring programme....
...The spur for the cattiness is Lamar’s lively cameo on the first of the albums from Future and Metro Boomin. The song he appears on, “Like That”, is currently topping the US singles chart....
...“A customer-centric physical presence complemented by digital capabilities remains a unique offering and sets Metro Bank apart,” he said....
...First elected outside London in 2017, metro mayors have become a rare success story in Britain’s otherwise lacklustre and inconsistent approach to regional growth....
...The bank first ran into trouble after the Bank of England declined in September to grant it capital relief for mortgage lending until at least 2024, which resulted in a capital hole....
...The UK’s Metro Bank is to cut a fifth of its staff as it extends a cost-cutting plan that is now designed to save £50mn a year....
...To fulfil the placing, Metro Bank issued 500mn new shares at a discounted price of 30p apiece....
...Metro Bank has distinguished itself by betting on physical branches and in-store customer service at a time when most banks have retrenched from the high street....
...In today’s newsletter: Metro Bank’s messy week Abcam’s takeover drama The regulatory saga that left Metro Bank in a pinch Metro Bank hasn’t exactly been on a tear in recent years....
...Metro Bank’s first London branch opened with an unlikely combination of polished marble, chrome and free lollipops in 2010....
...Launched in 2010, Metro was the first of a new breed of challenger banks that regulators hoped would shake up the banking market after the financial crisis of 2008-09....
...Gilinski first took a stake in Metro in November 2019 when he picked up 9 per cent after its accounting scandal and the bank’s subsequent £375mn cash call....
...Shares in Metro Bank dropped 27 per cent on Thursday morning, after the Financial Times reported that the company was in talks about an urgent £600mn capital raise....
...The agreement capped a torrid week for the challenger bank, the first of a crop of lenders that promised to shake up the UK high street in the wake of the financial crisis....
...When it was launched in 2010, it was the UK’s first new high street bank in over a century....
...He is also the founder of Commerce Bank, acquired by Toronto-Dominion Bank in 2007 for $8.5bn, and the tiny Philadelphia-based Republic First Bancorp, which has suffered its own financial difficulties....
...Further reading— The Metro Bank Coin Caper (FTAV)— A brief look at Metro Bank’s offer document (FTAV)— The misregulation of Vernon Hill (FT)— How Metro’s challenging week unfolded (FT)— Lex readers weigh...
...Metro’s 2010 launch marked the first new UK bank on the high street in more than 100 years, making it the poster child for the growth of challenger banks....
...His daughter, Dorita, sits on Metro Bank’s board....
...This isn’t the first time Metro has sold mortgages — NatWest acquired £3bn of its book in December 2020....
International Edition