Yikes! Been watching this unfold. Share price dropped a 70-75% from peak
The important detail that, that story misses out is that
An error in the way Metro Bank accounted for risk in its loanbook was discovered by regulators at the Bank of England, not as part of a regular end of year review as it had previously said.
emphasis mine, quote from the FT
Business model aside, it’s the questionable governance i.e. things like this & the contracts with chairman’s wife’s company that concern me.
It’s getting worse:
I had a look into that, it’s not good but it’s not clear how many users are affected, even in the original story so I’m not sure it’ll have much of an impact -
CEO should be fired (without bonus or share rewards) for this. I hope a lawsuit happens quickly. At a time when we really need good alternatives to the High Street banks, this company should have been a winner