Metro Bank (MTRO) is under pressure from the Bank of England to hire an industry veteran as its next chairman, as the troubled lender braces for another set of gloomy financial results. The lender is understood to be facing demands to hire an experienced insider in place of Metro founder Vernon Hill, who is stepping down as chairman following a disastrous year in which a major accounting gaffe left investors nursing huge losses. In a sign of their concerns about how Metro has been run up to now, Bank of England regulators are taking a keen interest in who gets the job.
Fund manager M&G has hired City law firm Baker McKenzie to investigate allegations that one its senior managers sexually harassed junior female colleagues. The unnamed fund manager is accused of targeting women at the firm’s London headquarters with sexually explicit text messages and inappropriate comments, Bloomberg reported on Wednesday, citing sources claiming to have witnessed the behaviour. The allegations were reported by Gavin Finch, the same Bloomberg journalist who earlier this year uncovered widespread sexual harassment and bullying across the Lloyd’s of London insurance market. The revelations prompted bosses to launch a full-scale review into its working culture.
