Up to 400 jobs to be axed at Virgin Money UK

Virgin Money is to shed as many as 400 jobs in the latest stage of its cost-cutting programme following its tie-up with Clydesdale and Yorkshire banking group (CYBG).

According to Sky News, the cuts are understood to affect 50 jobs jobs at the former Yorkshire Bank HQ in Leeds, 200 at the Clydesdale’s former head office in Glasgow, and 150 at Virgin Money’s office in Gosforth.

Virgin said this is the latest part of its “integration process” after the £1.7bn takeover in 2018 by CYBG which saw the combined company rebranded as Virgin Money.

In a statement today, it explains: “These changes are designed to simplify structures, reduce duplication and clarify accountabilities. As a result of these changes, a number of roles are at risk of redundancy.

“The Group aims to minimise the impact on colleagues and will deliver these reductions through natural turnover and the removal of vacancies wherever possible.

“Any colleagues affected will be supported through the Group’s redeployment process, with the aim of securing other internal opportunities and minimising compulsory redundancies.”

Lucy Dimes, chief strategy & transformation officer at Virgin Money UK, said: “We are committed to bringing our operations together under the Virgin Money brand to offer customers a sustainable business which is fit for the future.

“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.

“We will support all affected colleagues, helping them find alternative roles within the business and avoiding compulsory redundancies wherever possible.”