Metro Bank losses narrow despite big loan-loss reserve charge UK banks A ramping up in lending to riskier borrowers and an anticipated uptick in defaults caused by inflation surging to a 40-year high has led Metro Bank to set aside millions of pounds of loan-loss reserves. The lender, which has been grappling with severe under performance for years, narrowed losses in the six months to June [...]
Cineworld, ASOS and Boohoo: The 10 most shorted LSE stocks and the City fund managers that go after them City exclusive Cineworld Group, the world’s second-largest cinema chain, is currently the most shorted UK listed company, according to the most up-to-date London Stock Exchange data. Some 8.2 per cent of its stock was held short by five investment firms, with New Holland Capital LLC holding the largest short position with 2.4 per cent of the company’s [...]
Metro Bank says turnaround plan is working after cutting losses to £245m Metrobank Metro Bank has said its turnaround plan is working, despite losing £245.1m last year, after its revenues increased 17 per cent despite the economic impacts of Covid-19. The London retail bank said its efforts to cut costs and win over customers had started to work, after it set out its turnaround plan, to rejuvenate its [...]
Millions of banking app users exposed to security flaw: HSBC, NatWest, Monzo, Santander, Starling and Virgin Money customers all affected January 12, 2022 Millions of Brits who use online banking services are exposed to some worrying fraud risks, industry experts warned today. Following an investigation by security experts 6point6, testing the online and mobile app security of 15 major current account providers on a range of criteria, including encryption and protection, login, and account management and navigation, consumer [...]
City fine: Bank of England tells Metro Bank to pay millions for reporting and governance failures that went on for years December 22, 2021 Metro Bank was told this morning by the Bank of England to pay close to £5.4m for failures with regards to the quality of its reporting and governance. The central bank’s Prudential Regulation Authority (PRA) watchdog confirmed it imposed the penalty on the challenger bank over failings between May 2016 and January 2019. On January [...]
Markets spit out Metro Bank as private equity giant Carlyle walks away from takeover talks November 18, 2021 US private equity giant Carlyle has walked away from talks to buy British high street lender Metro Bank, prompting markets to spit out the lender. Its shares plummeted over 19 per cent today. However, they are still above where they were before Metro Bank announced it was being courted by Carlyle. However, that take did [...]
Metro Bank shares surge on Carlyle Group takeover approach November 4, 2021 Shares in high street lender Metro Bank jumped 35 per cent today after it confirmed it was in talks with funds linked to the Carlyle Group regarding a takeover. Shares are currently up 35 per cent at 139p per share. It added in a statement there was no certainty an offer would be made and [...]
Metro Bank pulls in solid revenue as asset growth looks sluggish July 28, 2021 Metro Bank has pulled £179.8m in revenue in the past six months, as the British bank looks to return to a more profitable growth in the second half of the year. Revenue was up some £26.5m in the six months to 30 June, which the bank put down to the recovery of much of the [...]
City Moves: Who’s switching jobs in the Square Mile this week? June 30, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. IoD’s chief economist departs for Fitch Ratings The Institute of Director’s (IoD) chief economist will step away from the role next week to become director of economics at US credit rating [...]
Metro Bank bolsters UK call centre operations with new Bristol branch June 4, 2021 Metro Bank has launched a new customer call centre above its Bristol store this week, another bank bolstering its call centre operations in the UK. Delayed slightly due to Covid-19, the opening of the new centre, called AMAZE Direct, has created over 100 jobs. The challenger bank’s shares lifted 2.2 per cent this morning, taking [...]