Struggling Metro Bank drafts in two senior directors
Under-fire lender Metro Bank has drafted in two new senior executives as the firm looks to revamp its reputation after a turbulent six months.
The high street bank said this afternoon that it has appointed a new chief information officer and chief transformation officer following a major accountancy error that has rocked investor confidence.
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Cheryl Newton, a technology specialist who has held stints at banks including JP Morgan, HSBC and Barclays, will be joining as chief information officer.
Daniel Frumkin, who is leaving a Bermuda-based community bank called The Bank of N.T. Butterfield & Son, has been appointed as chief transformation officer.
The duo will be joining the lender as it fights to save its reputation in the City following an accountancy blunder revealed in January.
The error, which classified loans as less risky than they were, has sent the firm’s shares down more than 70 per cent.
Both Newton and Frumkin will be reporting to chief executive Craig Donaldson, who said in a statement today: “Both these appointments are a significant step forward in our year of transition for Metro Bank and will help us deliver on our strategic initiatives.”
He added: “Cheryl and Dan bring deep experience and expertise and share our vision for creating FANS. I’m really looking forward to working with them.”
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Cheryl Newton added: “I’m really excited to be joining Metro Bank as it continues its expansion across Britain, giving customers real choice in who they bank with. We have a huge opportunity through our investment in stores and digital to really transform the banking experience for people and SMEs across the UK.”
Daniel Frumkin also said: “I’m looking forward to joining the team at such an important time during this year of transition for Metro Bank. There is real potential for the future as we focus on driving long-term growth by delivering great customer service at the right cost.”