Metro Bank has slashed hours and canceled the seven-day opening of its branches after losing 1,000 jobs.
As part of an 80 million pound cost-cutting campaign, the high street lender , which was saved in an emergency fundraiser last October, , will no longer be open on Sundays.
The early morning opening hours and late closing times are also being eliminated.
Around 1,000 jobs have been lost as a result of the overhaul, which is around 200 more than was originally expected when redundancies first were flagged in 2013.
The new opening hours reflect the fact that fewer people visit the bank at the weekend, and it is difficult for staff to work on Sundays.
He said: “There is very little weekend activity in our city centre shops.”
“If we decrease the number of hours at a store, then we can reduce the staffing rotation and this will ultimately lead to a reduction in headcount.
Staffing Sundays was very difficult. “There were no other banks open on a Sunday so it was very difficult.”
Mr Frumkin plans to cut another £30m from costs this year, but he did not rule out the possibility of further job losses. He stressed, however, that no branches would close.
The group has 76 shops and plans to open 11 more in the North.
Last year, Colombian billionaire Jaime Gilinski Bacal led a multimillion-pound rescue deal for Metro Bank.
The group has received a fresh funding of £325m, while £600m in debt has been refinanced. Mr Bacal’s fund owns now 52pc in Metro.
The crisis has shaken confidence in the lender. However, it announced on Wednesday that an increase in deposits brought total deposits up to £16.55bn.
Metro launched a marketing campaign to encourage more people to deposit their money in the bank. They paid higher interest rates to savers and deposits.
Mr Frumkin’s new branch strategy focuses on retail parks, and he is pioneering drive-thru banking for customers. This model is common in the US.
He said it was harder to find new locations for fast food restaurants because they are all competing for space.
He said: “We compete more with McDonald’s and Starbucks than we do with a retailer who can provide the locations we’re seeking up North.”
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