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Metro Bank boss handed record £2.6m a year after slashing 1,000 jobs

about 9 hours ago
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Metro Bank’s chief executive has been handed a £2.6m pay packet – the largest in its history – a year after slashing 1,000 jobs in response to the lender’s near collapse.The figure is more than double the £1.2m Dan Frumkin was paid in 2024.Metro pushed through the pay bump and complex bonus scheme for the former RBS and Northern Rock banker at a shareholder meeting last year.

It is the highest for a Metro chief executive since the lender was founded in 2010 as the first high street bank to open in the UK in more than a century,Launched by the US billionaire Vernon Hill, Metro attracted a wave of customers with dog-friendly branches and seven-day opening hours,However, a significant accounting error led to the resignation in 2019 of it top executives and founder and in 2023 the bank had to scramble for fresh investment after failing to convince regulators that it could be trusted to assess its own risks,Metro fell into the hands of the Colombian billionaire Jaime Gilinski Bacal in a £925m rescue deal in 2023, resulting in a turnaround plan that led Frumkin to slash more than 1,000 jobs in spring 2024 and close branches on Sundays,The bank, which is 53% owned by Bacal, has made a successful turn toward corporate lending, reporting a record pre-tax profit of £87m for 2025.

That performance fed into the board’s decision to more than double Frumkin’s pay, including a £1.2m annual bonus on top of a £470,000 deferred bonus dating back to 2023.He was awarded a £938,875 salary on top of additional tax, life insurance and pension benefits.Best known for helping restructure Northern Rock after the 2007-08 financial crisis, Frumkin is operating under a complex bonus scheme that could hand him up to a £60m windfall after five years, depending on Metro’s share price.Its shares are worth about 141p and would have to be above 120p in 2028 for the bonus to kick in.

A jump to 437p – which would be a stellar turnaround after a near wipeout in 2019 – could earn Frumkin a one-off payment of up to £60m.The scheme was approved by shareholders, with 88.6% of votes cast in its favour despite warnings from the proxy advisory companies ISS and Glass Lewis.Metro was not immediately able to break down what proportion of votes in favour were cast by Bacal.Commenting on Frumkin’s 2025 pay packet, 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.

The policy is fully aligned with shareholders’ interests and the creation of shareholder value over a sustained period,”Frumkin became chief executive in 2020,
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Roast chicken, cheesy scones and a genius cocktail: Ravinder Bhogal’s recipes for cooking with lime pickle

I’m obsessed with lime pickle. It’s savoury, sour, funky, spicy and full of bold personality that enlivens anything it’s smeared on. It’s made by salting and fermenting limes with chillies and spices for a fierce, flavour-packed condiment that’s traditionally eaten as a side to poppadoms or with simple dal and rice. Over the years, I have also folded it into grilled cheese toasties, marinades for fat prawns to barbecue in the summer or made compound butters with it to smother over sweet potatoes before roasting. It’s an instant flavour bomb and my pantry is never without a jar

2 days ago
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Vegemite is recognised globally – but how many people know Milo was invented in Australia?

The chocolate malt powder is sold in more than 40 countries, and Australian cafe owners say there’s ‘jingoistic pride’ in serving it on their menusGet our weekend culture and lifestyle emailWhen I order the jumbo-sized Milo Godzilla at Ho Jiak in Sydney’s Haymarket, it arrives as advertised – it’s comically large. The Malaysian restaurant prepares the drink by swirling Milo powder with hot water, adding sweet drizzles of condensed milk then chilling the mix with ice. Scoops of ice-cream are added and extra choc-malt powder is showered on top. Served in a one-litre jug, it’s so big I can’t finish it solo: staff hand me three takeaway cups to transport the leftovers.Like many beloved Milo drinks, the Godzilla is native to south-east Asia

2 days ago
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What can I do with leftover rice? | Kitchen aide

How do I store cooked rice safely, and what can I make with it the next day?Michael, by email“It’s a bit of a running joke with rice, because I think of all the people in China who aren’t spreading their leftover rice immediately on to a tray to cool and are still alive,” says Amy Poon, of Poon’s at Somerset House in London. “But I have to be responsible and say: cool the rice as quickly as possible, within the hour, and put it in an airtight container and pop it in the fridge [or freezer] straight away.” The reason being, as food science guru Harold McGee notes in his bible On Food & Cooking, “Raw rice almost always carries dormant spores of the bacterium Bacillus cereus, which produces powerful gastrointestinal toxins. The spores can tolerate high temperatures, and some survive cooking.” In short: good storage practices will prevent bacterial growth, not to mention open a whole world of dinner opportunities

3 days ago
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José Pizarro’s recipe for nettle (or wild garlic) and goat’s cheese tortilla

When I was growing up in the small village of Talaván in Extremadura, Spain, we never ate nettles. They were wild plants that grew along the edges of the fields, and the sort you tried to avoid: like many children, I learned about them the hard way, brushing against them while playing and getting stung. It was only when I came to the UK that I first saw nettles used in cooking, which surprised me: suddenly, this wild plant had a place in the kitchen. Now, whenever I visit my mum, Isabel, I see them everywhere. It makes me smile to think that at this year’s Spring Garden at the Chelsea flower show, I will be cooking among a world of magnificent plants and gardens

3 days ago
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Gone from shop shelves, but not forgotten | Letters

How lucky for Adrian Chiles that he didn’t live in the German Democratic Republic (Rose’s Lime Marmalade? Gone. Dark chocolate Bounty? No more. But what about their heartbroken fans?, 8 April). After reunification, there were street markets selling the last of products from the old days, and there was an exhibition in a national museum – memorably called “They’ve even taken our tomato ketchup” – lamenting the loss of many food products and other features of former times, such as children’s TV programmes.Derek JanesDuns, Scottish Borders Can Adrian Chiles tell me where to find Halls’ chocolate sour lemons? Maybe they stopped being made because they turned your tongue black, but they tasted great

3 days ago
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Cornichon shortage leaves British sandwich shops in a pickle

With their sharp flavour and crunch, pickled cucumbers are an essential component of any sandwich worth its salt.But an unexpected shortage of cornichons has caused consternation in sandwich shops across the country as cafes scramble to get their hands on jars of the small green pickles.A favourite sandwich of hungry office workers is the simple jambon beurre. A staple across the Channel, the French sandwich contains ham, a generous amount of butter, and, crucially, a sharp, crunchy cornichon to cut through the fat.Sandwich chain Pret a Manger brought it to popularity in the UK, and a jambon beurre retails for about £4 in its shops

3 days ago
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Senate Democrats move to stall Trump’s ‘absurd’ bid to install new Fed chair

about 5 hours ago
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Next chief Simon Wolfson paid record £7.4m – and could get far more this year

about 8 hours ago
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Labour and Lib Dem MPs demand ‘shameful’ Palantir NHS contract be scrapped

about 8 hours ago
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Man used AI to make false statements to shut down London nightclub, police say

about 9 hours ago
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Fans and players unite behind Hull’s John Cartwright as St Helens go top

about 4 hours ago
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Tiger Woods mentioned drones over home and car, ‘president’ in remarks after crash, filing shows

about 6 hours ago