Goldman Sachs builds up 8.5 per cent voting rights in Metro Bank March 2, 2020 Goldman Sachs has built up 8.48 per cent voting rights in troubled British lender Metro Bank, according to regulatory filings. Metro Bank’s share price has collapsed almost 90 per cent since early 2019, when it disclosed an almost £1bn accounting error. The challenger bank plunged to a £131m loss last year following the scandal, which [...]
Metro Bank to revoke private jet access for new chair after year of turmoil March 1, 2020 Metro Bank will not allow its new leadership to take private jet flights, as it takes its reshuffle at the top as an opportunity to reduce costs. The previous arrangement for founder Vernon Hill to expense private jet flights to the company was “specific to him” and unlikely to be repeated, the Telegraph first reported. [...]
Metro Bank shares plumb new depths after challenger bank swings to £131m loss February 26, 2020 Metro Bank will slash its growth plans after plunging to a £131m pre-tax loss in 2019, a devastating year in which an accounting scandal sent shares plunging and led to an exodus of the bank’s top brass. Shares in the company fell as much as 19 per cent in morning trading to an all-time low [...]
Metro Bank in compliance probe over Iran and Cuba sanctions breaches February 4, 2020 Metro Bank is undergoing a major review of its compliance controls after the lender handled money from Iran and Cuba, breaching strict US and EU sanctions. The review is being carried out by law firm DLA Piper. Metro Bank hired the firm after receiving the funds from Iran last year. The bank previously notified US [...]
Metro Bank shares jump after new bond deal and departure of chairman Vernon Hill October 2, 2019 Metro Bank’s share price jumped in trading today after the embattled lender revealed the succesful relaunch of a £250m bond issue and the planned departure of chairman Vernon Hill. Shares in the group climbed 30 per cent to 234p in trading this afternoon as investors reacted to the firm’s double announcement. The challenger bank had [...]
Metro Bank shares crash to record low after it scraps £250m bond issue September 24, 2019 Shares in Metro Bank closed over 35 per cent down at a fresh record low after the lender cancelled a crucial £250m bond issue designed to bolster its balance sheets to meet regulatory demands. The challenger bank’s shares opened down as much as 17 per cent before trimming losses slightly, but then crashed again in [...]
Metro Bank share price sinks after investors snub £250m bond offering September 24, 2019 Metro Bank’s shares fell almost ten per cent in early trading after the struggling lender was forced to ditch a £250m bond offering yesterday after a lack of demand from investors. The challenger bank’s shares fell as much as 12 per cent in morning trading, but then trimmed its losses to 6.8 per cent. Read [...]
Metro Bank confirms £500m Cerberus loan sale talks July 22, 2019 Metro Bank shares rose more than three per cent this morning as the lender confirmed it is in talks to offload a portfolio of mortgages to a US hedge fund. The bank is reportedly preparing to sell £523m of buy-to-let mortgages back to Cerberus in order to strengthen its loanbook, after buying the mortgages off [...]
Troubled Metro Bank slashes commercial real estate lending in portfolio rebalancing June 2, 2019 Metro Bank has dramatically reined in its lending to real estate clients as it tries to rebalance its loan portfolio. The challenger bank has undergone a torrid time recently after it miscategorised the risk of 10 per cent of its loan book sending its share price crashing and forcing it to raise £375m of additional [...]
Metro Bank shares slip as US law firms launch fraud probes after accounting error May 30, 2019 Shares in Metro Bank fell more than seven per cent this morning as two US law firms announced they are investigating whether securities fraud took place at the challenger bank. Read more: The next Northern Rock? Metro Bank has had a troubled week Pomerantz and Levi & Korinsky have launched probes into activity at the [...]