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Metro Bank investor cuts stake for 4th time in over a week

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Metro Bank investor cuts stake for 4th time in over a week

U.S. hedge fund tycoon Steve Cohen, one of Metro Bank PLC's biggest investors, reduced his stake in the lender for the fourth time in just over a week.

Cohen's CPV Metro Investment LLC further reduced its stake in the U.K. challenger bank to 5.81% from 6.46%, according to a Dec. 5 filing.

The U.S.-based hedge fund manager held a 9.86% stake in the company, which he reduced to 8.55% on Nov. 26 and subsequently to 7.55% and 6.46%.

The bank saw a sharp fall in its stock price in 2019 after it revealed that it had miscategorized some of its commercial loans and the capital it needed to hold against them.

Metro Bank CEO Craig Donaldson and Chairman Vernon Hill are stepping down amid the bank's troubles.

The bank had reported a 71% year-over-year fall in underlying profit before tax to £11.3 million in the nine months to Sept. 30.