Virgin Money restarts planned job cuts and branch closures
UK bank Virgin Money has restarted its job cuts and branch closures after putting plans on hold due to COVID-19
The bank first announced its plans in February, involving the closure of 52 branches the cutting of 500 jobs.
The coronavirus pandemic subsequent UK lockdown stalled those plans, but the bank says it will restart things in August.
The programme is part of an ongoing combination of Virgin Money, Clydesdale and Yorkshire Bank.
Despite earmarking 500 job cuts in February, the bank says it will reduce it to 300 across the group.
This is due to “organisational changes” it made in response to the COVID-19 pandemic.
Virgin Money adds that 22 branches are closing due to “lower usage”. A further 30 branches will be merged into their closest Clydesdale Bank, Yorkshire Bank, or Virgin Money location.
The bank writes in a statement that “the closure of branches will begin in August this year”. A full re-brand of all stores is expected by the end of January 2021.
Virgin Money is sticking to its overall plan of slashing a combined 16% of its workforce, representing 1,500 jobs.
“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,” says Lucy Dimes, group business transformation officer at Virgin Money UK.
“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.”