Metro Bank is set to announce the elimination of 300 jobs as part of its £80m cost-cutting strategy. This follows a previous announcement of 1,000 job cuts, representing 22% of its workforce, and comes after the bank’s £925m rescue deal led by Colombian billionaire Jaime Gilinski Bacal. Chief executive Daniel Frumkin stated that the bank is “considering further job cuts as part of the turnaround plan” after reporting a loss of nearly £17m for 2023. Despite a 64.75% increase in shares this year, they remain 98% below their peak in 2018.
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