Virgin Money to axe 500 jobs and close branches

Around 500 jobs are expected to be lost at the Virgin Money group as the business announced further integration plans.

Virgin Money said it would close 22 branches across the country in 2020, and would consolidate a further 30 branches within one of its nearby locations, after a merger between Clydesdale and Yorkshire Bank and Virgin Money.

Around 500 full-time equivalent roles will be cut across the business, including 215 in its branches, the bank announced.

It comes after the business, formerly named CYBG, bought Virgin Money in 2018.

All three parts of the business are set to start using the Virgin Money brand from 2021.

Lucy Dimes, group business transformation officer, said: “The decision to close branches is never taken lightly.

“The changes announced today are focused on consolidating branches where there is another Clydesdale Bank/Yorkshire Bank/Virgin Money location within half a mile, as well as closing a number of branches to reflect changes to customer demand.”

She added: “Following the unveiling of three new Virgin Money stores in December last year, the full rebrand of our national network of 166 stores begins in April and will be completed by September this year.”