Metro Bank CEO Receives Record £2.6m Pay Package After Major Job Cuts
Metro Bank Chief Executive Dan Frumkin has received a record £2.6 million pay package, the largest in the lender's history, despite cutting 1,000 jobs following the bank's near collapse in 2023. This figure more than doubles his 2024 compensation of £1.2 million. The remuneration follows a successful turnaround under Colombian billionaire Jaime Gilinski Bacal, who rescued the bank via a £925 million deal. Metro Bank reported a record pre-tax profit of £87 million for 2025, driven by a shift toward corporate lending. Frumkin’s package includes a £938,875 salary, annual bonuses, and benefits. Additionally, a complex long-term incentive scheme approved by shareholders could potentially award him up to £60 million if the share price reaches specific targets by 2028. Although proxy advisors ISS and Glass Lewis warned against the plan, 88.6% of voting shareholders supported it. A bank spokesperson stated the pay policy aligns with long-term growth and shareholder value creation. Frumkin, known for restructuring Northern Rock, has led the bank since 2020, navigating it through significant regulatory and financial challenges.
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Metro Bank CEO Receives Record £2.6m Pay Package After Major Job Cuts
Metro Bank Chief Executive Dan Frumkin has received a record £2.6 million pay package, the largest in the lender's history, despite cutting 1,000 jobs following the bank's near collapse in 2023. This figure more than doubles his 2024 compensation of £1.2 million. The remuneration follows a successful turnaround under Colombian billionaire Jaime Gilinski Bacal, who rescued the bank via a £925 million deal. Metro Bank reported a record pre-tax profit of £87 million for 2025, driven by a shift toward corporate lending. Frumkin’s package includes a £938,875 salary, annual bonuses, and benefits. Additionally, a complex long-term incentive scheme approved by shareholders could potentially award him up to £60 million if the share price reaches specific targets by 2028. Although proxy advisors ISS and Glass Lewis warned against the plan, 88.6% of voting shareholders supported it. A bank spokesperson stated the pay policy aligns with long-term growth and shareholder value creation. Frumkin, known for restructuring Northern Rock, has led the bank since 2020, navigating it through significant regulatory and financial challenges.
The Guardian