Metro Bank says it will create 900 new jobs in 2018

 
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Metro Bank is undergoing an aggressive store expansion plan (Source: Getty)

Metro Bank today said it will create almost 900 new jobs over the course of 2018 as it swims against the tide of big bank branch closures.

The challenger bank's plans contrast with those of Lloyds, the largest UK retail banking operation, which this week said it will cut 900 jobs, moving half that number to newer technology-facing roles.

Metro Bank has previously told City A.M. it plans to open 12 branches this year, with expansions in towns and cities outside of London in particular.

Read more: Profit surges at Metro Bank as increase in deposits boosts challenger

The lender recruited 596 employees in 2017, and plans a further 882 in 2018, it said.

Craig Donaldson, the bank's chief executive, said: “Metro Bank is a story of growth and opportunity. Since we opened our doors in 2010, we’ve created over 3,000 jobs and by the end of the year, we’ll have created another 900."

The bank has made a bet on increasing its physical presence at the same time that major high street banks are retrenching and cutting jobs. Meanwhile, the rapid growth of digital-only banks also threatens to disrupt the old, costly model of banking in which most activity is carried out in branches.

Metro Bank argues that its model gives "control back to customers when it comes to how, when and where they do their banking", Donaldson said today.

Read more: Metro Bank's shares are flying after its £278m capital raise

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