Metro Bank announced today that James Hopkinson, its chief financial officer, will depart from the British bank in the first quarter of 2024. This move comes less than two years following his appointment. According to a spokesperson from Metro Bank, Hopkinson’s decision to leave is based on personal reasons. He joined the bank in 2022 amidst its efforts to recover from a 2019 accounting scandal.
Metro Bank’s CFO Has Stepped Down Less Than 2 Years in the Role
The bank has confirmed that Cristina Alba Ochoa will assume the role of interim CFO starting January 15. Meanwhile, the search for a permanent replacement for Hopkinson is underway. Following this news, Metro Bank’s shares opened 1.5% lower but later saw a smaller decline of 0.3% by 0910 GMT. The bank’s stock experienced a 69% drop in 2023, marking its most significant annual decline since 2019.
As per her LinkedIn profile, Alba Ochoa is recognised for her expertise as a non-executive director and an advisor specialising in business transformation.
Since its establishment in 2010, Metro Bank has aimed to compete with the leading banks in Britain. However, the bank has encountered numerous challenges, including accounting discrepancies, leadership changes, and delays in obtaining regulatory approval for crucial capital relief on mortgages.
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In October, Metro Bank unveiled a refinancing and recapitalisation plan valued at 925 million (approximately $1.18 billion), supported by Colombian billionaire Jaime Gilinski. This plan was part of urgent measures to strengthen the bank’s financial footing.
Initially, Metro Bank planned to sell a mortgage portfolio worth 3 billion pounds, which was later abandoned due to market conditions. In November, the bank disclosed plans to reduce costs, which included reducing its workforce by up to 20%. The exchange rate used in the report was $1 = 0.7838 pounds.
