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A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. Finance executives, consultants and headhunters interviewed by Reuters predict subdued deal flows, modest bonuses for most and heavy job cuts in 2024. "2023 will ultimately be one of the lowest corporate finance fee pools in modern history," said Fabrizio Campelli, head of Corporate Bank and Investment Bank at Deutsche Bank. JOB CUTSBanks have already turned to cost cuts to try to weather the downturn, which in a people-intensive business means job losses. And although some bankers expect a tough 2024, others sense an opportunity for European banks from the Basel Endgame.

Persons: Hollie Adams, Fabrizio Campelli, Banks, Ronan O'Kelly, Oliver Wyman, O'Kelly, Dominic Hook, Goldman Sachs, Vis Raghavan, JP Morgan, Morgan McKinley's, Stephane Rambosson, headhunter, Rambosson, Ana Botin, Morgan's Raghavan, there's, Oliver Wyman's O'Kelly, Deutsche's Campelli, Anousha Sakoui, Carolyn Cohn, Jesus Aguado, Alexander Smith Organizations: REUTERS, LONDON, Finance, Reuters, Corporate Bank, Investment Bank, Deutsche Bank, Organisation for Economic Cooperation, Development, Barclays, Lloyds, Challenger Metro Bank, UBS UBSG.S, Citi, Workers, Global Investment Banking, Employment, European Union, Santander, Global, Basel, Thomson Locations: City, London, Britain, Europe, Middle East, Africa, Ukraine, West, China, United States, India, Madrid

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsNov 30 (Reuters) - Metro Bank (MTRO.L) on Thursday announced sweeping cost-cutting plans aimed at bolstering its finances, which could see the embattled British lender lay off 20% of its staff and axe some of its biggest customer perks including seven-day opening hours. The lender expects to take a lower-than-expected one-off restructuring charge of between 10 million pounds and 15 million pounds in 2023. Metro Bank did not immediately respond to a request for clarification on the precise number of roles at risk, but the lender employs around 4,000 people, according to its latest annual report. It is also reviewing its seven-day opening and extended store hours and will "selectively streamline lending" to focus on relationship banking to maximise risk-adjusted returns.

Persons: Hannah McKay, Jaime Gilinski, Daniel Frumkin, outflows, Yadarisa, Sinead Cruise, Elizabeth Howcroft, Rashmi Aich, Sherry Jacob, Phillips, Sharon Singleton Organizations: Metro Bank, REUTERS, Metro, Thomson Locations: London, Britain, Colombian, Bengaluru

☆ UK’s Metro Bank and Lloyds join Barclays in announcing job cuts weeks before Christmas
▼ + stars: | 2023-11-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Staff at UK banks face layoffs in the lead-up to Christmas in what one labor union called “disgraceful” timing. Struggling Metro Bank said Thursday that it expected to slash headcount by 20% as part of efforts to save £50 million ($63 million) a year. But Chris Beauchamp, chief market analyst at stockbroker IG, said becoming more like the big banks Metro Bank sought to displace would “sorely diminish” the lender’s appeal. “Far from being a serious challenger to the UK’s established banks, Metro continues to flounder,” he wrote in a note. Metro Bank also said new stock issued as part of an emergency equity raise last month to shore up its finances would begin trading Thursday.

Persons: “, Daniel Frumkin, Chris Beauchamp, ”, Charles Schwab, Dominic Hook, upskilling, Andrew Coombs, Jaime Gilinski Bacal Organizations: London CNN — Staff, Metro Bank, Lloyds, Barclays, Metro, Citigroup, Vice Media, Continental, Unite, ” Citi, Bank of England Locations: United Kingdom

☆ Barclays in talks to buy Metro Bank's mortgage book worth $3.74 bln - Sky News
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

A view shows signage on a branch of Barclays Bank in London, Britain, March 17, 2023. REUTERS/Peter Nicholls/File Photo Acquire Licensing RightsNov 27 (Reuters) - Britain's Barclays (BARC.L) is in exclusive talks to buy embattled lender Metro Bank's (MTRO.L) 3 billion pound ($3.74 billion) residential mortgages portfolio, Sky News reported on Monday. Both Barclays and Metro Bank declined to comment. The report comes after Britain's best-known challenger bank announced a 325 million pound capital raise and 600 million pound debt refinancing in early October, in a bid to bolster its finances. Last month, Santander's (SAN.MC) chief executive officer Hector Grisi had said the Spanish bank may consider looking into acquiring a mortgage portfolio from Metro.

Persons: Peter Nicholls, Britain's, Jaime Gilinski, Hector Grisi, Eva Mathews, Anil D'Silva, Shilpi Majumdar Organizations: Barclays Bank, REUTERS, Britain's Barclays, Metro, Sky News, Barclays, Metro Bank, Separately, Reuters, Thomson Locations: London, Britain, Colombian, Metro, Spanish, Bengaluru

☆ Santander may look into potential acquisition of Metro mortgage portfolio
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsMADRID, Oct 25 (Reuters) - Santander (SAN.MC) may consider looking into acquiring a mortgage portfolio from Metro (MTRO.L) if the British bank decides to put it up for sale, the Spanish bank's Chief Executive Officer Hector Grisi said on Wednesday. Metro, seeking to bolster its finances after a string of setbacks, earlier this month announced a 325 million pound capital raise and 600 million pound debt refinancing. The bank also said it was in discussions regarding the sale of up to 3 billion pounds ($3.64 billion)of residential mortgages. "Today the truth is that I don't know whether Metro will end up doing something or not, whether it will sell a portfolio or not."

Persons: Hannah McKay, Hector Grisi, Grisi, Jesús, Jane Merriman Organizations: Metro Bank, REUTERS, Rights, Metro, Wednesday, Thomson Locations: London, Britain, Rights MADRID, Santander, British, Spanish

☆ Smaller banks pose big problems for regulators: podcast
▼ + stars: | 2023-10-12 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Oct 12 (Reuters Breakingviews) - Britain’s Metro Bank came close to the brink, while several US regional players failed earlier in 2023. In this Viewsroom podcast, Breakingviews columnists debate whether watchdogs have the right tools to deal with such situations, and whether they’re brave enough to use them. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: watchdogs, Oliver Taslic Organizations: Reuters, Britain’s Metro Bank, Thomson

☆ Metro Bank gets support from over 75% of bondholders for debt refinancing
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: 1 min

Oct 11 (Reuters) - British lender Metro Bank (MTRO.L) on Wednesday confirmed the support of the required number of bondholders to approve its debt refinancing plans. The bank said it received more than 75% support commitments from Tier 2 and MREL noteholders for its plans to raise 325 million pounds ($399.30 million) in capital and 600 million pounds in debt refinancing. ($1 = 0.8139 pounds)Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Yadarisa, Sherry Jacob, Phillips Organizations: Metro Bank, Wednesday, Thomson Locations: Bengaluru

[1/2] Chairman Anthony Thomson (L) and Vice Chairman Vernon Hill pose with a dog outside the first branch of Metro Bank in Holborn in central London July 29, 2010. Metro declined to comment on Tuesday. A Starling spokesperson said the lender was making inroads into the big banks' market dominance. Metro is not the only smaller bank to have faced problems. One option is for smaller banks to gain scale through mergers and acquisitions.

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Jaime Gilinski, Dorita, Gilinski, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Nelson Bocanegra, Alexander Smith, Jonathan Oatis Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Harvard, Forbes, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, BOGOTA, Starling, Colombian, Latin America, Metro, Bogota

Persons: Anthony Thomson, Vernon Hill, Toby Melville, John Cronin, Caius Capital, Monzo, Starling, We've, Morgan Stanley, Gary Greenwood, Rupak Ghose, Shore Capital's Greenwood, Ghose, Shawbrook, Jaime Gilinski, Dorita, Iain Withers, Pablo Mayo Cerqueiro, Anousha Sakoui, Huw Jones, Amy, Jo Crowley, Sinead Cruise, Chiara Elisei, Alexander Smith Organizations: Metro Bank, REUTERS, Yorkshire, Lloyds, NatWest, HSBC, Barclays, Metro, Caius, Varde Partners, Finance, Bank of England, London Stock Exchange, The Bank of England, Prudential, Authority, Shore Capital, Reuters Graphics Reuters, Shore, Financial, Bank, Reuters, Thomson Locations: Holborn, London, Starling, Metro, Colombian

☆ CNBC Daily Open: The Israel-Hamas war shouldn’t affect markets much
▼ + stars: | 2023-10-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets shook off fearsU.S. stocks rose Monday despite a 4% spike in oil prices caused by the Israel-Hamas war. OPEC thinks global oil demand will reach 116 million barrels per day by 2045, around 6 million more bpd than its prediction last year. Dogger Bank Wind Farm, described as the "world's largest offshore wind farm," began producing energy over the weekend.

Persons: Russell, Europe's, it's, — Organizations: New York Stock Exchange, CNBC, Metro Bank, Palestinian, Hamas, International Energy Agency, OPEC, Dogger Bank Wind Locations: New York City, Israel, Gaza, England, Ukraine, —

☆ Metro Bank shares jump after deal to bolster finances
▼ + stars: | 2023-10-09 | by ( Iain Withers | ) www.reuters.com time to read: +3 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsSummaryCompanies Metro Bank shares up as much as 26%Colombian billionaire Jaime Gilinski to take majority controlMetro backers face 'very painful rescue' - analystLONDON, Oct 9 (Reuters) - Shares in Metro Bank (MTRO.L) jumped in early trading on Monday, after the embattled British lender struck a fundraising deal overnight to bolster its balance sheet following urgent weekend talks in the wake of volatile trading. Metro Bank shares were up 26% at 56.9 pence by 0800 GMT. As part of the deal, Metro has agreed to a capital raise comprising 150 million pounds of new equity and a 175-million-pound issuance of bail-in debt known as "MREL". Metro shares remain around 97% down from when it first listed on the London stock exchange in 2016 at 20 pounds a share.

Persons: Hannah McKay, Jaime Gilinski, Gary Greenwood, John Cronin, Iain Withers, Louise Heavens, Clarence Fernandez Organizations: Metro Bank, REUTERS, Metro, Shore Capital, Bank of England's Prudential, Authority, Lloyds, HSBC, Metro's, Spaldy Investments, Thomson Locations: London, Britain

☆ Metro Bank shares gain after deal to bolster finances
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +1 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsLONDON, Oct 9 (Reuters) - Shares in Metro Bank (MTRO.L) jumped in early trading on Monday, after the embattled British lender struck a fundraising deal overnight to bolster its balance sheet after urgent talks over the weekend following volatile trading. Metro announced a 325 million pound ($396 million) capital raise and 600 million pound debt refinancing on Sunday, in a deal that would hand majority shareholder control to its biggest investor, Colombian billionaire Jaime Gilinski. Metro Bank shares opened as much as 22% higher, and were last up 9% at 49.4 pence. ($1 = 0.8199 pounds)Reporting by Iain Withers; editing by Jason Neely and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Hannah McKay, Jaime Gilinski, Gary Greenwood, Iain Withers, Jason Neely, Louise Heavens Organizations: Metro Bank, REUTERS, Metro, Shore Capital, Thomson Locations: London, Britain

☆ Morning Bid: Oil up but restrained on Mideast jolt
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +5 min

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. U.S. crude oil prices rose about 3% higher on Monday as Israel retaliated for Saturday's shock attack by the Islamist group Hamas. With concern about a spillover over the long-running conflict to the wider stage, oil and other traditional global 'safety' plays caught a bid. What's more, any direct connection to Iran's possible involvement would scupper any easing of sanctions there and affect an estimated 3% of world oil supply. A sustained oil price rise from here could aggravate the inflation picture the Fed is negotiating - but could also drag on growth too.

Persons: Nick Oxford, Mike Dolan, Israel, What's, Friday's, Jaime Gilinski, Michael Barr, Philip Jefferson, Lorie Logan, Bank of England policymaker Catherine Mann, Bernadette Baum Organizations: Midland , Texas U.S, REUTERS, Hamas, Saudi, White, Street, Tehran, Treasury, U.S, Columbus Day, New York Stock Exchange, Nasdaq, Stock, Tel, Bank of Israel, Federal Reserve, Metro Bank, Metro, Columbus, Federal, NYSE, World Bank, IMF, Dallas Fed, Bank of England, United, Thomson, Reuters Locations: Midland , Texas, U.S, Iran, Saudi Arabia, Israel, Saudi, Russia, Tel Aviv, Europe, Marrakesh, Morocco, United States

☆ Shares of UK's Metro Bank up 26% after securing fresh capital
▼ + stars: | 2023-10-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — Shares of the U.K.'s Metro Bank were sharply higher Monday morning, after the lender on late Sunday announced it had secured a £325 million ($395.6 million) capital raise and £600 million in debt refinancing. The capital raise includes £150 million of new equity and £175 million of "MREL" issuance, a form of bail-in debt. Metro Bank shares were 25.5% higher at 10:28 a.m. London time. The deal comes after investors were last week spooked by news that the bank was searching for a large financing package. Crunch talks took place over the weekend, with several large banks approached for potential offers, according to multiple reports.

Persons: Crunch, Jaime Gilinski Bacal, Bacal Organizations: Metro Bank, Sunday, Spaldy Investments, Bank Locations: London, Colombian

☆ Metro Bank: Colombian billionaire Jaime Gilinski Bacal takes control of struggling UK lender
▼ + stars: | 2023-10-09 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Jaime Gilinski Bacal, a Colombian banking and real estate entrepreneur, has taken control of Metro Bank as part of a bigger rescue deal to fill a hole in the UK lender’s finances. Metro Bank said in a statement late on Sunday that it had raised £325 million ($396 million) from investors, split between £150 million ($183 million) of equity and £175 million ($213 million) of debt. Metro Bank’s shares were trading 22% higher Monday but have still lost 55% so far this year. The Bank of England welcomed the deal, which will also see Metro Bank refinance £600 million ($731 million) of debt, causing losses to some bondholders. Metro Bank CEO Daniel Frumkin said the deal “marks a new chapter” for the lender, which has reported losses for several years.

Persons: London CNN — Jaime Gilinski Bacal, Stock, Daniel Frumkin, Gilinski, Forbes, Gilinski Bacal, Dorita, Fitch Organizations: London CNN, Metro Bank, Lloyds, Barclays, BCS, HSBC, —, Metro Bank’s, Bank of England, Fitch, Bank Locations: Colombian, America

LONDON, Oct 8 (Reuters) - Embattled British bank Metro (MTRO.L) announced a 325 million pound ($396.5 million) capital raise and 600 million pound debt refinancing on Sunday, after a weekend of urgent talks to bolster its balance sheet after a volatile week of trading. Metro Bank had sought to shore up its finances after a string of setbacks in recent years, including accounting errors, leadership departures and delayed regulatory approval for key capital reliefs. The equity raise was led by Metro's largest shareholder, Gilinski-owned Spaldy Investments, which contributed 102 million pounds. The Bank of England's Prudential Regulation Authority said in a statement: "The Prudential Regulation Authority welcomes the steps taken by Metro Bank to strengthen its capital position." Reuters reported on Friday that Metro Bank was set to discuss funding options with its shareholders over the weekend, after a proposal from bondholders earlier in the week was seen as handing over too much control.

Persons: Jaime Gilinski, Gilinski, Iain Withers, Anousha, Huw Jones, Pablo Mayo Cerquerio, Londo, Lavanya, Lisa Shumaker Organizations: Metro, Metro Bank, Metro's, Spaldy Investments, of England's Prudential, Authority, Prudential, HSBC, Lloyds, Reuters, Thomson Locations: Colombian, London, Bengaluru

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsLONDON, Oct 8 (Reuters) - British specialist lender Shawbrook made an offer for rival Co-op Bank and is weighing a fresh bid for embattled Metro Bank (MTRO.L), people familiar with the matter told Reuters on Sunday. Separately, Shawbrook is considering a potential new bid for London-listed Metro Bank after several failed approaches earlier in the year, the sources said. Shawbrook, Pollen Street and Co-op Bank declined to comment. Britain's Prudential Regulation Authority (PRA) is sounding out buyers over the weekend in hopes of finding a solution for ailing Metro Bank before markets open on Monday morning.

Persons: Hannah McKay, Shawbrook, Pablo Mayo Cerqueiro, Amy, Jo Crowley, Iain Whithers, Ros Russell Organizations: Metro Bank, REUTERS, Bank, Reuters, BC Partners, Pollen, London, Partners, Prudential, Authority, Thomson Locations: London, Britain, British

☆ Bank of England approached UK lenders to gauge interest in troubled Metro Bank, Financial Times reports
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsOct 8 (Reuters) - The Bank of England's Prudential Regulation Authority approached a number of big UK lenders this week to see if they had any interest in taking over British lender Metro Bank (MTRO.L), the Financial Times reported on Sunday. JPMorgan and Metro Bank did not immediately respond to Reuters' requests for comment. Metro Bank has recently rejected a series of takeover approaches from specialist business lender Shawbrook and on Saturday held talks with bondholders about an equity injection alongside a debt restructuring, media reports said. Metro Bank said on Thursday its options included a combination of equity and debt issuance, as well as refinancing and asset sales.

Persons: Hannah McKay, Kanjyik Ghosh, Hugh Lawson Organizations: Metro Bank, REUTERS, Bank of England's Prudential, Authority, Financial Times, Sunday, JPMorgan, HSBC, Metro, The Bank of England, Saturday, Reuters, Metro Bank's, Thomson Locations: London, Britain, Bengaluru

Shawbrook is considering a potential new bid for London-listed Metro Bank after several failed approaches earlier in the year, people familiar with the matter also told Reuters. Metro Bank, Lloyds and Santander did not immediately respond to a request for comment. Metro Bank has seen its shares tumble after news emerged that it had hired advisers to shore up its balance sheet after failing to gain key capital relief from banking regulators. Metro Bank said on Thursday its options included a combination of equity and debt issuance, as well as refinancing and asset sales. While Metro Bank's customer deposits, like those of other UK banks, are backed by a government guarantee up to 85,000 pounds, the regulator is keen for concerns not to spread.

Persons: Shawbrook, Robey Warshaw, Elisa Martinuzzi, Pablo Mayo Cerquerio, Iain Withers, Amy, Jo Crowley, Bernadette Baum, Ros Russell Organizations: Prudential, Authority, Metro Bank, HSBC, Lloyds, London, Reuters, The Financial Times, JPMorgan, Metro, Sky News, Santander, Shawbrook, Thomson

☆ UK's Metro Bank rejected takeover approaches from Shawbrook, in talks for debt restructuring, equity injection - media
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +2 min

Oct 7 (Reuters) - British lender Metro Bank (MTRO.L) on Saturday rejected a series of takeover approaches from specialist business lender Shawbrook and later held talks with bondholders about an equity injection alongside a debt restructuring, media reports said. Metro Bank rejected a series of takeover approaches from Shawbrook, including one made in the second half of September, Sky News reported on Saturday. Both Metro Bank and Shawbrook declined to comment on the Sky News report when contacted by Reuters. Metro didn't immediately respond to request for comment about the debt restructuring and equity injection. The mid-sized British lender's shares plunged on Thursday following reports it is trying to raise as much as 600 million pounds to strengthen its capital levels.

Persons: Shawbrook, Jaime Gilinski, Juby Babu, Baranjot Kaur, Clelia Oziel, Franklin Paul Organizations: Metro Bank, Sky News, Bloomberg News, Bloomberg, Reuters, Metro, Spaldy Investments, LinkedIn, Franklin Paul Our, Thomson Locations: Shawbrook, London, Bengaluru

☆ UK's Metro Bank rejected takeover approaches from specialist lender Shawbrook-Sky News
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +1 min

Oct 7 (Reuters) - British lender Metro Bank (MTRO.L) has rejected a series of takeover approaches from specialist business lender Shawbrook, including one made in the second half of September, Sky News reported on Saturday. Both Metro Bank and Shawbrook declined to comment on the story when contacted by Reuters. Reuters had reported on Friday that Metro Bank is set to discuss funding options with its shareholders over the weekend, as the lender seeks to shore up its finances and assure regulators after a volatile week of trading. The mid-sized British lender's shares plunged on Thursday following reports it is trying to raise as much as 600 million pounds to strengthen its capital levels. London-based Shawbrook is a specialist lender serving real estate professionals, SMEs and consumers.

Persons: Juby Babu, Clelia Organizations: Metro Bank, Sky News, Reuters, Thomson Locations: London, Bengaluru

☆ UK's Metro Bank rejected takeover approaches from specialist lender Shawbrook, Sky News reports
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +1 min

Oct 7 (Reuters) - British lender Metro Bank (MTRO.L) has rejected a series of takeover approaches from specialist business lender Shawbrook, including one made in the second half of September, Sky News reported on Saturday. Both Metro Bank and Shawbrook declined to comment on the story when contacted by Reuters. The mid-sized British lender's shares plunged on Thursday following reports it is trying to raise as much as 600 million pounds to strengthen its capital levels. London-based Shawbrook is a specialist lender serving real estate professionals, SMEs and consumers. ($1 = 0.8171 pounds)Reporting by Juby Babu in Bengaluru; editing by Clelia OzielOur Standards: The Thomson Reuters Trust Principles.

Persons: Juby Babu, Clelia Organizations: Metro Bank, Sky News, Reuters, Thomson Locations: London, Bengaluru

☆ UK's embattled Metro Bank expected to struggle to raise capital with 'no easy solutions'
▼ + stars: | 2023-10-06 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The U.K.'s embattled Metro Bank has launched talks to sell a third of its mortgage book in an urgent attempt to shore up its balance sheet. LONDON — The U.K.'s Metro Bank will likely struggle to raise fresh capital to shore up its balance sheet, according to analysts, who outlined bleak prospects for the beleaguered bank. The turmoil came amid reports that the embattled bank was seeking to raise up to £250 million ($305 million) in equity funding and £350 million of debt. Metro Bank confirmed in a statement early Thursday that it was considering "how best to enhance its capital resources." Metro Bank did not immediately respond to CNBC's request for comment on the reports; nor did any of the rival banks cited.

Persons: Fitch Organizations: Metro Bank, HSBC, Lloyds Banking Group, NatWest Group, Sky News, Investment, Bank of, Barclays Bank Locations: Wednesday's

☆ CNBC Daily Open: Much depends on the September jobs report
▼ + stars: | 2023-10-06 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Bracing for the jobs reportU.S. stocks dipped slightly Thursday as investors braced for the September job report coming out today. Yielding to high yieldsThe 10-year Treasury yield hit 4.8% Tuesday, a 16-year high. That isn't really a surprise, given the surge in U.S. Treasury yields and the September slump in stocks.

Persons: inched, Bond king's, Bill Gross isn't, Gross Organizations: CNBC, Metro Bank, Alstom cratered, Treasury, Federal Reserve Locations: Serbia, Kosovo, Northern Kosovo, Europe, Ukraine, U.S

Metro Bank and the Bank of England declined to comment. Metro Bank's largest shareholder is Colombian billionaire Jaime Gilinski, who owns around a 9% stake through his investment vehicle Spaldy Investments. Metro Bank's customer deposits, like those of other UK banks, are backed by a government guarantee up to 85,000 pounds. Metro Bank said on Thursday its options included a combination of equity and debt issuance, as well as refinancing and asset sales. The news wiped a quarter off Metro Bank's share value on Thursday as its shares hit a record low.

Persons: Jaime Gilinski, Dorita, Iain Withers, Anousha, Kirsten Donovan, Chris Reese Organizations: Metro Bank, Metro, Bank of England's Prudential, Authority, Bank of England, Metro Bank's, Spaldy Investments, Reuters, Thomson Locations: Colombian

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