We're currently experiencing extremely high call volumes. We're very sorry for any inconvenience this might cause.

If you need help with your account, please visit our Help Centre, or email us and we’ll get back to you as soon as we can. For more information and tips on managing your account online please visit www.hl.co.uk/coronavirus

We’re experiencing high call volumes, please check FAQs before calling.

Skip to main content
  • Register
  • Help
  • Contact us
  • Log out of your HL account

Metro Bank names interim boss Dan Frumkin CEO

Frumkin, who joined Metro Bank last September as chief transformation officer, stepped in for former CEO Craig Donaldson earlier this year.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Metro Bank on Wednesday named interim Chief Executive Dan Frumkin to the role permanently, tasking him with leading the British lender past an accounting scandal that plunged it into crisis last year.

Frumkin, who joined Metro Bank last September as chief transformation officer, stepped in for former CEO Craig Donaldson earlier this year. Donaldson quit after a challenging year following the bank's disclosure that it had under-reported its exposure to high-risk loans.

Before joining Metro, Frumkin, 55, spent eight years at The Bank of N.T. Butterfield & Son Ltd, a community bank based in Bermuda, the company said.

Chairman Michael Snyder said the appointment followed a comprehensive evaluation of a "strong field of candidates."

"This is not quite the big name appointment that the market may have been expecting," a trader said.

After Metro disclosed the accounting mishap in January of 2019, it swung to a third-quarter loss as clients rushed to pull out their money, while founder and Chairman Vernon Hill had to leave.

Metro, which is famous for attracting customers with its bright blue and red coloured city-centre branches, is also under investigation for the blunder.

Frumkin will receive a salary of 740,000 pounds ($961,560), the company said. Donaldson's salary as of April 1, 2018, was 750,000 pounds. ($1 = 0.7696 pounds) (Reporting by Muvija M in Bengaluru; Editing by Saumyadeb Chakrabarty)


Copyright (2020) Thomson Reuters. This article was from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Free news email alerts

  • Daily and weekly news
  • Major Publishers
Register