Nationwide's stance is a healthy antidote to the anti-branch bandwagon that has captured the mindset of most bank bosses. There is no basis to extrapolate from Metro's trajectory and arrive at the view that bank branches are ruinous follies. They also had to pay another $1m into the pension to resolve a related lawsuit. The pair were found to have engaged in self-dealing, and violated their duties. In 2022, Vernon and Shirley were ordered to pay more than $2m (£1.63m) to restore mismanaged assets and in penalties to the InterArch pension plan, after investing some of its funds in Metro and Republic First shares that fell heavily. Then, after leaving Metro, he was given the elbow from another bank, Republic First of Philadelphia, after a boardroom row. Previously, Hill had been ousted from a US bank after a contretemps with regulators over contracts with family members. By coincidence, as Metro was scrambling to raise capital this weekend, Nationwide building society was doubling down on its pledge to keep branches open. Some commentators have seized on the downfall of Metro Bank, whose hallmark was its buzzy branches, as evidence that a network is too expensive to run. There are times when a bot just won't do. Many of a certain age, like my retired teacher mum, are perfectly able to conduct their financial affairs online.īut branches are essential for human contact, accountability and problem-solving. If the big banks carry on shutting branches and pushing customers online, such personal relationships and sense of community will be lost.īranches are not Luddite leftovers whose only justification is as a quasi-social service for the elderly. It was a touching gesture from people who, over the decades my parents had gone there, had become something more than staff behind a counter. To her surprise, the delivery man had brought a beautiful bunch of flowers from the staff at her local bank. Shortly after my step-father died this year, my mum had a knock on the door.
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