BUSINESS LIVE: Metro Bank to slash workforce; Dr Martens sales slump; Mulberry suffers luxury slowdown

Metro Bank will slash 20 per cent of its workforce as part of a £50million cost-cutting drive, which the embattled lender expects to complete early next year.

The bank, which earlier this week received shareholder approval for a refinancing and recapitalisation plan, expects to take a one-off restructuring charge of between £10million and £15million in 2023.

Three Metro board members will also step down at the end of the year, leaving the board with five non-executive and two executive directors.

CEO Daniel Frumkin said:

‘The support shown from our investors through this transaction will allow Metro Bank to accelerate its growth plans, with the new capital allowing us to unlock the potential in the business and deliver sustainable profitable returns as we strive to be the number one community bank.

‘We remain committed to stores and the high street but will transition to a more cost-efficient business model while remaining focussed on customer service. These actions alongside other initiatives to reduce costs are expected to deliver savings of up to £50 million per year on an annualised basis.’