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Bank shake-up

Virgin Money to lose senior executives in cost plan

Virgin Money

Virgin Money is focusing on its digital plan

Virgin Money is removing a number of executive posts as it trims its cost base and focuses on its digital strategy. 

Gavin Opperman, director of business banking, will leave in March when his post disapperars.

Lucy Dimes will be leaving her role as the bank’s chief strategy and transformation officer along with Kate Guthrie, who has been at the bank since 2016 as head of people, reports the Mail on Sunday.

The bank has created the positions of chief customer experience officer and chief commercial officer .

Virgin Money emerged as the preferred brand when it was acquired by CYBG, owner of the historic Clydesdale and Yorkshire banks in 2018 for £1.78 billion.

The Glasgow-based bank, which is moving to new headquarters at 177 Bothwell Street, last year shed 900 jobs and closed more than 56 branches as part of its cost-cutting plans.

Last week the bank reported that personal lending grew 2.5% to £5.2bn driven by growth in credit cards as activity picked up, but business lending was 2.4% lower at £8.7bn for the three months to 30 June.

Chief executive David Duffy said: “We have increased full-year NIM guidance and, while COVID continues to impact the near-term, we have a strong capital position and robust provisions.

“We see great opportunities from further developing our digital capabilities to deliver an improved customer experience and greater efficiencies. We are well placed to grow profitably next year as we play our role to support the UK economic recovery.”

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