Metro Bank (MTRO) burst onto the scene in 2010, complete with colourful logo, generous opening hours, and free dog biscuits. It was the first high-street bank to enter the UK market in over a century, and prioritised in-person customer service at a time when rivals were shutting branches.
Since Metro Bank’s IPO in 2016, however – when it fetched a £1.6bn valuation – shareholders have not enjoyed a quality service. Instead, they have witnessed a series of regulatory blunders. Just last month, the company was fined £16.7mn by the financial watchdog for failing to adequately check transactions for money laundering.