Job cuts trimmed

Virgin Money resumes branch closure plan

Virgin Money

Fewer jobs will go immediately than originally planned (pic: Terry Murden)

High street bank Virgin Money will resume plans to shut or merge 52 branches and axe 300 jobs after putting the cutbacks on hold during the coronavirus lockdown.

It will restart its shake-up in August, shutting 22 branches and merging 30 more into nearby sites, as well as rebranding all Clydesdale Bank and Yorkshire Bank branches under the Virgin Money banner.

The group said the immediate job cuts are 200 fewer than those previously announced due to changes made in response to Covid-19.

It will also offer staff affected by branch closures the option to remain with the group until 20 October to help offer support to vulnerable customers.

Lucy Dimes, group business transformation officer at Virgin Money UK, said: “While the decision to recommence these redundancies and branch closures has not been taken lightly, we are committed to integrating Virgin Money under one brand as a sustainable, innovative business that invests in improving its customer offer for the future.

“The measures we’ve put in place during the lockdown will continue to help customers engage with alternative and improved ways of banking with us.”

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Comment: Lockdown will accelerate the demise of bank branches

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