Metro Bank has frozen almost £1 million in bonuses for three of its executives, in light of ongoing investigations over accounting errors made earlier this year.
In January 2019, Metro Bank admitted that it had not correctly measured the risk attached to some loans, and it is now facing inquiries by the Financial Conduct Authority and the Bank of England.
When the bank reassessed its loan portfolios, it discovered that around 10% of its £14.5 billion loan book had been given incorrect risk weightings.
The impact of the error caused share prices of the bank to plummet by nearly 40%, reducing the value of the company by £800 million.
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Written by Syeda Anjum