In the wake of loan book scandal Metro Bank hires “chief transformation officer”

By Oliver Smith on 23rd July 2019

Challenger Banks

The high street challenger is pushing ahead with its technology agenda.

In the wake of loan book scandal Metro Bank hires “chief transformation officer”
Image source: Craig Donaldson/Metro Bank.

As high street challenger Metro Bank attempts to recover from its January loan book error, which this week resulted in a plan to offload £500m from its mortgage portfolio, the bank yesterday announced two new hires.

Daniel Frumkin will be joining as Chief Transformation Officer, coming from The Bank of N.T. Butterfield & Son Limited in Bermuda as Global Chief Operating Officer and before that Parex Bank, Northern Rock and RBS.

His role, according to Metro, will be to deliver a “bank-wide efficiency programme to further enhance customer experience”.

Meanwhile, Cheryl Newton has also been hired as Chief Information Officer, having previously worked at banks including JP Morgan, Lloyds Banking Group, HSBC, Credit Suisse and Barclays.

Newton will be “responsible for developing Metro Bank’s technology agenda”.

Sky News on Sunday reported that Metro is readying a £500m deal to‎ offload part of its mortgage portfolio to Cerberus Capital Management, the US hedge fund which it bought its mortgage portfolio from in February 2018.

Craig Donaldson, CEO of Metro Bank to whom the new hires will report, said: “Both these appointments are a significant step forward in our year of transition for Metro Bank and will help us deliver on our strategic initiatives. Cheryl and Dan bring deep experience and expertise and share our vision for creating FANS. I’m really looking forward to working with them.”

Newton will start next week, while Daniel will join in September.

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