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☆ 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

☆ 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

☆ 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

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