Metro Bank is set to cut around 1,000 jobs by mid-April in order to remain on track to deliver £50m of annualised cost savings in the first quarter of the year.

The job cuts will see 22% of the employees leave the company, and further cuts of £30m are expected to be delivered by the end of 2024.

Despite the cuts, the bank has said that it remains committed to stores and intends to open new stores across the North of England.

In its annual financial results for 2023, Metro Bank reached £30.5m in profit before tax for the first time since 2018.

Furthermore, the bank received deposits of £15.6bn as of 31 December 2023, which is up 1% from June.

Customer account numbers also increased by 300,000 year-on-year, taking the number of accounts to three million.

Chief executive officer at Metro Bank, Daniel Frumkin, said: "Overall, Metro Bank performed strongly in 2023 as we continued to position the business for growth. We were pleased to return to profit on a statutory basis and deliver our best half-year results for several years. After addressing our capital position in Q4, we also launched a successful deposit campaign, with deposits totalling £16.5m as at the end of February 2024.

"During the year we also launched a cost saving plan which included reducing store hours and roles across the organisation. These efforts will ensure the bank is right-sized for the future, with a strong focus on both digital and great customer service.

"Looking forward, I remain confident in our ability to be the number one community bank. The work we have undertaken this year has laid the path to become a structurally profitable business and our focus towards the SME, commercial and specialist mortgages sector presents an exciting opportunity in an underserved area of the market. I remain grateful for the continued support of our colleagues, customers and shareholders as we embark on the next chapter of our journey."

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