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Metro Bank in Trouble

metro bank in trouble but up to £85k protected by FSC.

Although Metro Bank recently came top of a consumer satisfaction league table, financial sharks are circling the challenger bank.

Metro Bank is now the second most shorted company on the UK stock market.

That means a lot of financial firms are betting the bank's shares will continue to fall - despite having already lost 80% of their value in the last 12 months. Ever since Metro Bank revealed it had made an error in calculating how much shock absorbing capital it was holding, there have been some serious questions in the minds of regulators about the bank's operating competence and in the minds of investors about its basic business model.
 
Stories like this make me worry about my own bank, which has been bought over by Virgin.
Never trusted Beardy Branson but he does build companies up & sells for a profit.
But the Virgin Group are a steady profit making company.
You will be safe if regulated by the FSC and up to £85k is protected by law.
 
I remember rumours of Midland Bank going bust a long time ago, and they just got bought out and have long since been part of HSBC

Might be worth a cheeky punt on buying a few shares
 

endure

GCM
Virgin Money is owned by the Clydesdale and Yorkshire banking group since 2018
 

Auld-Yin

ADC
Kit Reviewer
Book Reviewer
Reviews Editor
Virgin Money is owned by the Clydesdale and Yorkshire banking group since 2018
Acquired by Clydesdale & Yorkshire Banks but the group have said they are dropping the Y&CB identities to become Virgin Money.
 

endure

GCM
Acquired by Clydesdale & Yorkshire Banks but the group have said they are dropping the Y&CB identities to become Virgin Money.


Presumably because Virgin is a getter known name. They're still in the grip of a Yorkshire bank and we all know just how profligate Yorkshiremen are ;-)
 
Presumably because Virgin is a getter known name. They're still in the grip of a Yorkshire bank and we all know just how profligate Yorkshiremen are ;-)

Yes, tighter than a camel's arrse in a sandstorm.
 

That's never going to be a good thing. He's out before he's had time to arrange the pencils on his desk.
I wonder what the story is.

Would guess he was potentially spun a tale to get him in and having had time to find out the true extent of the damage has promptly bailed out so he doesn’t get tarnished when it crash and burns!
 

FakeSheikh2

Old-Salt
Metro Bank are viewed in the City as prime to be taken over if only they had not under estimated their liabilities by £400 million, my City Spy says the vultures are circling ready to rip the caucus clean when they go bust & rich pickings going cheap!

It comes as the bank is being investigated by regulators over a £900m accounting irregularity, which forced founder and chairman Vernon Hill to leave the company in October. So nearly £1 Billion in the poo then.
 
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Would guess he was potentially spun a tale to get him in and having had time to find out the true extent of the damage has promptly bailed out so he doesn’t get tarnished when it crash and burns!

It looks like he was pushed, though. It may be for similar reasons, though. He's had a look at the books and as a result of what he's seen he has insisted on some early changes that have not been at all popular with the board.

Either that, or he's wasted no time touching up anyone who came into his office wearing a skirt.
 

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