Time to leave

Chairman quits troubled Metro Bank as BP boss to retire

Metro Bank

Metro Bank abandoned fund raising plan (pic: Terry Murden)

Vernon Hill is stepping down as chairman of troubled Metro Bank. He leaves at the end of December.

In July Metro said that Mr Hill would be stepping down as chairman but would stay on as both a non-executive director and president. It now says he will leave the company.

Last week it abandoned plans to raise £250m, sending its shares to a record low.

The bank has been under pressure since it revealed a £900m accounting error at the beginning of the year.

Sir Michael Snyder, senior independent director at Metro Bank said “Vernon is the inspiration behind Metro Bank, the first high street bank to open in the UK in over 100 years.

“It is thanks to his vision and leadership that we have grown to 70 stores around the country, serving over 1.8m customer accounts and we’ve twice been ranked as the number one bank for overall quality of service for personal banking.

“The board shares Vernon’s view that Metro Bank has now reached a point where an independent chairperson is appropriate to oversee the next stage of our journey.”

BP boss stepping down

BP boss Bob Dudley is to step down next year following a decade at the helm of the energy giant.

In a briefing to the media during Russia Energy Week, he said: “I said a long time ago that around the age of 65 I would step down.”

Mr Dudley declined to comment on a possible successor.

He took over as chief executive officer of BP in 2010 in the wake of the Deepwater Horizon catastrophe in the Gulf of Mexico that caused the biggest oil spill in US history and killed 11 people.

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