METRO BANK has cancelled the bonuses of all its executive directors following a turbulent 2023.

The London-listed lender was forced to be rescued from potential collapse by a major refinancing package and embarked on a restructuring involving around 1,000 job cuts.

As a result of its moves, Metro Bank made its first annual profit since 2018 after having lose £70.7m in 2022.

The bank said that its executives had qualified for just under 40 per cent of their bonuses because of its performance but that the remuneration committee had decided to not award any of it.

The salary of chief executive Daniel Frumkin increased from £769,600 to £925,000 on January 1, 2024, but the committee said it would not rise again during the next year.

Metro Bank added that the budget for salary increases this year has been used to "support our customer facing and junior colleagues, enhancing pay ahead of the real Living Wage whilst continuing our fair pay approach".

Shares closed down 4.15 per cent.

(c) 2024 City A.M., source Newspaper