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Virgin Money to axe up to 400 jobs

Emma Lunn
Written By:
Emma Lunn

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.