You are here: Home - Saving & Banking - News -

Virgin Money to axe up to 400 jobs

0
Written by: Emma Lunn
07/10/2020
The jobs will go in the latest phase of Virgin Money’s cost-cutting plans following its tie-up with Clydesdale and Yorkshire banks.

The jobs will go at three Virgin Money head offices in Glasgow, Gosforth and Leeds as part of plans to reduce overall headcount by 16% by next year.

The cuts are part of a three-year plan following a £1.7bn takeover of the bank by the Clydesdale Bank and Yorkshire Banking Group (CYBG) in 2018.

It was announced last year that the group, comprising of Clydesdale Bank, Yorkshire Bank, digital bank B, and Virgin Money, would rebrand as Virgin Money.

The lender started axing jobs in July, making 300 redundancies, which it said at the time was 200 fewer redundancies than it had previously planned. It also closed 52 branches.

Lucy Dimes, chief strategy and transformation officer at Virgin Money UK, says: “We are committed to bringing our operations together under the Virgin Money brand to offer customers a sustainable business which is fit for the future.

“Decisions on jobs are never taken lightly, particularly in the more challenging environment brought about by the pandemic, and our focus is on minimising the impact on colleagues from the changes as much as we can.

“We will support all affected colleagues, helping them find alternative roles within the business and avoiding compulsory redundancies wherever possible.”

Other banks that have announced job losses recently include TSB, which plans to cut about 900 jobs and shut 164 branches, and the Co-op Bank which plans to shut 18 branches and cut 350 jobs.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week