Metro Bank board dodges a bullet
Metro Bank founder and chairman Vernon Hill seemed more surprised than anyone: not a single shareholder asked a question at the bank’s annual meeting on Tuesday.
Nobody wanted to rage about the 80% fall in the share price in the past 14 months. Metro’s basic banking blunder, in which £900m of loans were placed in the wrong risk bracket, was left unexamined. Last week’s £375m fund-raising was taken on the chin.
True, there was a modest 12% vote against Hill’s re-election, and larger protests against the heads of Metro’s audit and remuneration committees. But the board won all its resolutions comfortably. It sometimes claimed that we’re living in a golden era for shareholder activism; don’t believe it.
Who are the villains of the British Steel crisis? | Nils Pratley | Business | The Guardian
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Previously on "Metro bank"
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Share price seems to have recovered somewhat. I don't think they're going anywhere anytime soon.
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Oh Dear - Tesco Bank abandons 'challenging' mortgage market
One would imagine we’ll see sale of mortgage portfolio
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I have a Metro account, but currently its balance is about 2p because I've never really used it.
It'll be a shame if it does go down the tubes, because the staff in the branch where I opened the account several years ago seemed a friendly and helpful bunch.
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Originally posted by Benny View PostDid you also have to do a conga around the office after your Disneyfied indoctrination?
When I was there they do a 2 day induction for all starters including contractors which included picking a song and amending it to be applicable to Metro, then on the 2nd day you had to do a conga around the offices singing your song - absolute bolloxs - main issue was they thought of contractors as employees and I was hauled before CEO for refusing to do those on line banking test things
All IR35 pointers but I did meet the dog and Vernon and his missus, some nice totty in Holborn offices made it more bearable
British Museum around the corner for lunch breaks
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Originally posted by Paddy View PostIf a mortgage is taken over or sold to a third party then T&Cs remain the same however, if your bank goes phut, then the T&Cs disappear. In fact, the liquidators could demand the outstanding amount of the mortgage to be repaid on demand.
That's not going to happen though is it.
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Originally posted by 56samba View PostI had a contract at M3trobank,
When I was there they do a 2 day induction for all starters including contractors which included picking a song and amending it to be applicable to Metro, then on the 2nd day you had to do a conga around the offices singing your song - absolute bolloxs - main issue was they thought of contractors as employees and I was hauled before CEO for refusing to do those on line banking test things
All IR35 pointers but I did meet the dog and Vernon and his missus, some nice totty in Holborn offices made it more bearable
British Museum around the corner for lunch breaks
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Originally posted by Paddy View PostIf a mortgage is taken over or sold to a third party then T&Cs remain the same however, if your bank goes phut, then the T&Cs disappear. In fact, the liquidators could demand the outstanding amount of the mortgage to be repaid on demand.
Worse case scenario the mortgage would be transferred to these guys http://www.ukar.co.uk/. Which is ironic really as some of this mess could of been caused by Metro buying bad debt from them via Cerberus and miss accounting the BTL mortgages.
Anyway they secured the required funding in 3 hours and shares have already jumped 22%. As I said a none story.Last edited by BlueSharp; 17 May 2019, 09:25.
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Originally posted by Eirikur View PostShare price is doing well, down 6.4% at £5 exactly
Was at £22 only 4 months ago
I was gonna have a pop at this one but missed it
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Metro Bank raises £375m in new funds to bolster finances:
Metro Bank raises GBP375m in new funds to bolster finances - BBC News
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Originally posted by BlueSharp View PostMy Mortgage is also with them, all that will happen is it will be transferred on the same terms to someone else. There not going to the wall though, they just have an accounting error that needs dealing with.
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