Sunday 20 October 2019 5:33 pm

Metro Bank prepares to cut off chairman Vernon Hill's expenses budget

Metro Bank is deciding when to cut off chairman Vernon Hill’s £10,000 a month expenses budget, and could continue funding his lifestyle after he steps down. 

The challenger bank may stop Hill’s expenses account in December, when he is due to step down as chairman and leave the board. 

Read more: Metro Bank share price makes further gains after successful bond sale and Vernon Hill exit

However, the remuneration committee could decide to allow the expenses until Hill’s contract officially ends in March, the Sunday Telegraph reported. 

The American founder of the bank was criticised last year after it emerged he used his £120,000-a-year allowance to pay for private jet transport between the US and London and towards renting a Park Lane flat. 

Hill announced his departure as chairman in July as the bank reported plunging profit in its half year results. 

Earlier this month, the bank announced that the 73-year-old would also give up his president and non-executive director roles. 

Read more: Activist investors circling Metro Bank

The colourful and controversial chairman has faced criticism following a turbulent period for the high street lender. 

Shares in the firm have plunged more than 90 per cent so far this year from more than 2,200 in January, following a major accountancy error that led to the bank making an emergency cash call and rushing out its full-year results. 

Main image credit: Getty