Virgin Money cuts 400 head office jobs | Economic news

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Virgin Money will cut up to 400 jobs in the latest phase of its cost-cutting plans following its merger with banking group Clydesdale and Yorkshire (CYBG).

The cuts are expected to affect 200 jobs at the former Clydesdale headquarters in Glasgow, 50 at the former Yorkshire Bank headquarters in Leeds and 150 at the Virgin Money office in Gosforth.

Virgin said they were the last step in its “integration process” after the ¬£ 1.7 billion buyout in 2018 by CYBG which saw the combined company rebranded as Virgin Money.

He said he aimed to create “a much more efficient and sustainable business”, but acknowledged that workers were being made redundant in a difficult job market.

The announcement follows recent cuts to BST and the Cooperative bank, rivals of a similar scale in the UK banking sector.

Lucy Dimes, head of strategy and transformation at Virgin Money UK, said she was looking to build “a sustainable and fit for the future business”.

She added: ‚ÄúDecisions about jobs are never taken lightly, especially in the more difficult environment of the pandemic, and our aim is to minimize the impact of changes on colleagues as much as possible. ”

Ms Dimes said the company would seek alternate roles and avoid mandatory layoffs where possible.

Virgin had already warned at the time of its merger with CYBG that up to 1,500 jobs would likely be lost in seeking to improve efficiency.

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700,000 jobs lost since March

He cut 330 in the first round of cuts in 2019 with 500 additional job cuts announced in February of this year, as it undertook the closure or consolidation of dozens of branches reducing its network to 166 sites.

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