The private jets trips previously enjoyed by Metro Bank founder Vernon Hill are no longer going to fly with the bank’s board as the embattled lender fights to clean up its image.
Sources said the chairman picked to replace Mr Hill, who has left the board after an accounting scandal triggered a lengthy sell-off and an emergency fundraising, will not enjoy the same perks as the American multi-millionaire.
2020欧洲杯足球即时比分One source said the arrangement “was specific to him” and the new chairman’s expenses would need to be in line with the bank’s travel rules, which do not let staff use private jets.
The Telegraph revealed two years ago that Mr Hill, who founded the bank in 2010, was putting his part of his £120,000-a-year company expense allowance towards private jet trips2020欧洲杯足球即时比分 with his wife from their home in Pennsylvania to London, further blurring the lines between the Hills’ marriage and professional life.
2020欧洲杯足球即时比分Dan Frumkin, a former RBS and Northern Rock banker who took on the chief executive job permanently two weeks ago, said he thinks it is “highly, highly unlikely” that Mr Hill’s replacement will be offered expenses on such a scale.
The bank has been battling to improve its image ever since last year’s accounting gaffe shone a spotlight on its leadership and corporate governance. Under mounting pressure from investors, the bank last year promised to end its controversial relationship with InterArch, the architecture firm of Mr Hill’s wife, which has been paid more than £21m by Metro.
The lender last week announced a £131m pre-tax loss for 20192020欧洲杯足球即时比分 and told investors that it was returning £50m to a state-backed fund meant to boost industry competition and pulling back its expansion plans.
The announcement sent shares plunging to a new low of 160.7p, valuing Metro at less than £280m. The stock has fallen more than 80pc in the past 12 months.
A Metro Bank spokesman said: “In line with our policy, travel and expenses incurred in the normal course of business, for example in relation to attendance at board and committee meetings, will be met by the bank.”