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World Economy
Apr 16, 2026

Metro Bank CEO Dan Frumkin awarded record £2.6 million salary after 1,000‑job cut and £925 million rescue

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Metro Bank’s chief executive Dan Frumkin received a historic £2.6 million pay package – more than double his 2024 earnings – following a 1,000‑job reduction and a £925 million rescue that turned the lender around to a record £87 million pre‑tax profit. The compensation, including a potential £60 million bonus tied to share‑price performance, was approved by 88.6% of shareholders despite advisory warnings.

Metro Bank has approved a £2.6 million annual remuneration package for chief executive Dan Frumkin, the highest ever for the lender since its 2010 launch. The figure more than doubles the £1.2 million he earned in 2024.

The pay rise comes on the heels of a dramatic restructuring that saw the bank cut over 1,000 jobs in spring 2024 and suspend Sunday trading, measures taken after a £925 million rescue led by Colombian billionaire Jaime Gilinski Bacal, who now owns 53% of the institution.

Metro’s turnaround has delivered a record pre‑tax profit of £87 million for 2025, prompting the board to approve a complex bonus scheme. The package includes a £1.2 million annual bonus, a £470,000 deferred bonus from 2023, and a salary of £938,875, plus additional tax, life‑insurance and pension benefits.

Under the scheme, Frumkin could earn up to £60 million over five years if Metro’s share price exceeds certain thresholds – it must stay above 120p in 2028 and could reach 437p, a level that would trigger the maximum payout.

Metro’s shares currently trade around 141p. The bonus plan was endorsed by 88.6% of voting shareholders, despite objections from proxy advisers ISS and Glass Lewis. The bank did not disclose how many of those votes were cast by Gilinski’s holdings.

Founded by US billionaire Vernon Hill, Metro Bank distinguished itself with dog‑friendly branches and seven‑day opening hours. However, a 2019 accounting error forced the resignation of its founder and top executives, and the bank struggled to satisfy regulators, leading to the 2023 capital infusion.

In a statement, a Metro Bank spokesperson said the remuneration committee’s approach is “based on the delivery of long‑term growth generation and the continued turnaround of the bank,” emphasizing alignment with shareholder interests.

Frumkin, who joined Metro in 2020 after senior roles at RBS and Northern Rock, now stands at the centre of a debate over executive pay in a sector still recovering from the 2007‑08 financial crisis.