200 jobs saved as bank restarts integration

Yorkshire Bank owner, Virgin Money has confirmed it will recommence the integration of Clydesdale and Yorkshire Bank with Virgin Money originally announced in February.

Announcing plans to restart the move towards a single Virgin Money brand, the business confirmed that it expects to lose c.300 role, however this is 200 fewer than previously announced as a result of organisational changes made in response to Covid-19. The firm has also confirmed it plans to open a voluntary redundancy scheme in order to limit the number of compulsory redudancies.

Today’s announcement comes after the Virgin Money’s integration programme was put it on hold in March in response to the lockdown announced by the UK Government to help contain the Covid-19 pandemic.

The process will see the closure of 22 branches as a result of low usage from August, with a further 30 branches to be consolidated in nearby locations and rebranded as Virgin Money stores by the end of January 2021.

Lucy Dimes, group business transformation officer at Virgin Money UK, said: “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. 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.”