Metro Bank’s shares dropped last week after it pigeonholed commercial loans and buy-to-let mortgages as much less risky than it should have done TOBY MELVILLE/REUTERSMetro Bank was under new pressure this morning after changing its story about the discovery of a £900 million accounting mis-statement that led its share price to crash last week. The fast-growing challenger bank, which has more than 1.5 million customers, admitted that the mis-statement had in fact first been identified with the help of supervisors at the Bank of England’s Prudential Regulation Authority, after the truth was revealed in the Daily Mail. Previously Craig Donaldson, the bank’s chief executive, and its advisers had insisted that the error had first been identified by the bank’s own staff after “an internal review”. Journalists were briefed that the PRA had had no role in discovering the problem. By late afternoon in London today shares in the bank…

Source: The Times January 31, 2019 12:16 UTC