Virgin Money to scrap 400 jobs at head office locations in cost-cutting plans

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Virgin Money will cut up to 400 jobs across three different head office locations in the latest phase of its cost-cutting plans.

It follows Virgin Money's £1.7bn Clydesdale's and Yorkshire banking group (CYBG) takeover in 2018, which saw the two companies combine and rebrand as Virgin Money.

Jobs at Clydesdale's former head office in Glasgow will be affected, as well as 50 at the former Yorkshire Bank HQ in Leeds and 150 at Virgin Money's office in Gosforth.

Lucy Dimes, Chief Strategy and Transformation Officer at Virgin Money UK, said the company was seeking to build "a sustainable business which is fit for the future."

She added: "Decisions on jobs are never taken lightly, particularly in the more challenging environment brought about by the pandemic, and our focus is on minimising the impact on colleagues from the changes as much as we can."

Ms Dimes said the company would seek to find alternative roles and avoid compulsory redundancies where possible.

The company had already warned the takeover could add up to 1,500 job losses as it sought to iron out efficient business practices.

Early 2019, Virgin Money cut 330 jobs, and a further 550 were axed in February 2020, before the coronavirus pandemic hit.

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On September 30, TSB announced 969 job cuts and plans to close 164 branches as it responded to changes in consumer habits propelled by the pandemic.

At the time, TSB chief executive Debbie Crosbie said: "Closing any of our branches is never an easy decision, but our customers are banking differently – with a marked shift to digital banking.

"We are reshaping our business to transform the customer experience and set us up for the future."

In a similar move, the Co-operative bank announced plans to cut 350 jobs and close 18 branches as it slashes costs amid "prolonged economic uncertainty."

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