Bank cutbacks

Virgin Money axes more branches and cuts office space

Virgin Money

More branches will close

Virgin Money is closing a further 31 branches, including 12 in Scotland, early next year and said it will require less office space for staff.

The bank said 112 full-time equivalent jobs are likely to go, estimated by trade union Unite as affecting 132 individuals, while other affected staff will be offered positions elsewhere in the group.

It said it will have lower office space requirements, with infrastructure and office hubs re-purposed to fit new ways of working.

The changes will not impact on its imminent move to a new head office in Bothwell Street, Glasgow, said the bank.

The group will incur a £45m restructuring charge in Q4 as the combined cost of the branch and office changes.

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