Virgin Money latest banking group to announce mass job cuts

Virgin Money UK is the latest banking group that has announced mass jobs cuts as a result of the coronavirus pandemic.

In total, the company will be cutting 400 jobs across the UK – and is a part of the company’s plans to bring together its heritage Clydesdale and Yorkshire Bank and Virgin Money entities as a single business under the Virgin Money brand.

The cuts will take effect during the first few months of next year, however, any employees 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.”