Cosmetic surgery

25 July 2019 By Christopher Thompson Follow @CGAThompson

Chairman Vernon Hill will step down after the UK lender lost a tenth of its deposits. But the founder’s decision to stay on the board may undermine his successor. It’s far from the clean sweep Metro needs to restore confidence amid an accounting mess and collapsing profitability.

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Metro Bank has announced that it will seek a new independent chairman after its founder and current Chair Vernon Hill decided to step down, according to a statement on July 24.

The bank said: “Mr Hill will continue as chairman until a successor is appointed, after which he will remain as a non-executive director, founder and president.”

The bank, which muscled onto Britain's high streets in 2010, also posted an 84% fall in half year pre-tax profit.

Shares in Metro Bank fell by 16% in early London trading on July 25, after it said customers had pulled a net 2 billion pounds ($2.5 billion) out of the bank during the first half of the year following a major accounting error in January.

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