Finance boss quits Metro Bank after turbulent 12 months for lender

The finance boss of troubled Metro Bank has made a shock exit after a turbulent 12 months.

James Hopkinson, chief monetary officer, will step down from the British lender simply months after it was bailed out following considerations over its stability sheet.

Metro Bank stated in an announcement yesterday that Cristina Alba Ochoa will act as interim finance chief from subsequent week, including that it has began in search of a everlasting successor.

Hopkinson will depart the financial institution through the first quarter ‘after a interval of handover,’ the agency stated.

But his departure is one more blow for Metro in what has been a rocky few years. The newest disaster engulfed the lender in September when it revealed it had failed to steer the Bank of England it might be trusted to carry much less money towards its mortgage dangers. This sparked a significant sell-off, which noticed shares plunge 50 per cent within the weeks that adopted.

Signing off: James Hopkinson will step down simply months after Metro was bailed out following considerations over its stability sheet

In October it secured a £925m lifeline that included the sale of £150m of recent shares in addition to £175m of debt on high of a £600m refinancing of current loans. 

This bailout successfully handed management to its largest shareholder, Colombian billionaire Jaime Gilinski Bacal, who supplied the financial institution with a £102m money injection and noticed his stake balloon from simply over 9 per cent to 53 per cent.

The financial institution – based in 2010 – has stated it will axe round 800 jobs as a part of a cost-cutting mission.

Shares fell 2.8 per cent, or 1p to 36p, yesterday.