U.K. lender Metro Bank revealed plans Thursday to cut 20% of its workforce and slash its business hours as part of efforts to save it from collapse.

Metro Bank will cut around 800 employees and is considering an end to its seven-day branch week.

The job cuts follow challenges at the lender, which unveiled a £30 million cost-cutting plan in October. Metro said Thursday that it is planning even more savings — a total of £50 million — to strengthen its financial position.

“The support shown from our investors through this transaction will allow Metro Bank to accelerate its growth plans, with the new capital allowing us to unlock the potential in the business and deliver sustainable profitable returns as we strive to be the number one community bank,” CEO Daniel Frumkin said in a prepared statement. “We remain committed to stores and the high street but will transition to a more cost-efficient business model while remaining focused on customer service."

Metro secured a £925 million lifeline last month, composed of a £325 million capital raise and £600 million in debt refinancing, which put controlling interest in the hands of Colombian banker Jaime Gilinski Bacal.

Investors approved the plan last week.

The bank is now in talks to sell a £3 billion mortgage portfolio mortgage book to Barclays, Sky News reported.

The cuts announced Thursday will be completed in 2024, Metro said, following a one-off restructuring fee of £10 million to £15 million.

Regarding modifying store hours, Metro is in ”discussions with the [Financial Conduct Authority] about the customer implications of any such changes,” and it’s looking to expand into new stores in northern England.

“Metro Bank will also take action to simplify its operations and selectively streamline lending to focus on relationship banking and maximise risk-adjusted returns on regulatory capital,” the bank said in a statement.

The cut in headcount isn’t expected to impact areas of growth, the bank said.