Metro Bank founder quits amid fallout from accounting error

Metro Bank founder quits amid fallout from an accounting error

Metro Bank shares jumped more than a quarter on Wednesday after its founder and chairman, Vernon Hill, quit following the wake of a significant accounting error that misclassified almost £900 million worth of loans.

According to Metro, Hill would quit the group by December 31 as they deal with the fallout from the error. They had also announced plans to install one of its existing independent directors as chairman if they failed to find a candidate in time.  

The announcement came as Metro Bank launched a new bond sale initially worth £300 million, a week after pulling a similar offer due to a lack of interest from investors.