Metro Bank Chief Financial Officer Hopkinson Has Resigned
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James Hopkinson, the Chief Financial Officer of Metro Bank, has resigned from his position as an executive director with immediate effect. He worked at the company for less than two years.
In a recent statement, the bank stated that Cristina Alba Ochoa will be the short-term Chief Financial Officer. She will assume the post on Monday, January 15, pending any needed regulatory approvals.
Metro Bank Searches For A Successor
The statement also reveals that the board has begun a quest to appoint a permanent successor. When the process has been completed, an announcement will be made.
The Chief Executive Officer of Metro Bank, Daniel Frumkin, expressed gratitude on behalf of the board members, thanking James for his support during a critical period.
He also wished him success in his future endeavors. Hopkinson became a member of Metro Bank in September 2022, when the firm was applying a turnaround tactic following the 2019 accounting scandal.
Metro Bank’s shares dipped to 36.1p during afternoon trading, indicating a 2.6% drop. But Last year, the shares increased by 69%.
On her LinkedIn profile, Alba Ochoa is recognized as a non-executive advisor and director concentrating on business transformation.
Before joining Metro Bank in September 2022, James Hopkinson was the Chief Financial Officer at ClearBank for almost three years. Before that, he spent over 18 years working at Standard Chartered Bank, leaving his role as Chief Financial Officer for clients and regions in 2019.
Metro Bank Is Navigating Troubled Financial Waters
Last month, Metro Bank decided not to sell a £3 billion mortgage portfolio. The sale, which was supposed to be with Barclays, was canceled due to current market conditions.
Additionally, Metro revealed its plans to cut around 850 jobs or 20% of its total workforce. This move is part of their plan to review their seven-day opening hours and save £50 million in costs. The cost savings add to the £30 million reductions outlined and approved by shareholders in November as part of a refinancing plan.
The bank, which has over 2.7 million customers and holds £15bn worth of deposits, was established in 2010 and was the first high-street bank to launch in over 100 years. It operates from 75 UK branches.
However, in 2019, the bank faced an accounting scandal that cut off £900 million. It turned out that they had underestimated the risk associated with some of their mortgage loans. As a result, the business and some top officials were fined £10 million for misleading investors.
