EMCC European Monitoring Centre on Change

Virgin Money

Virgin Money

Geographic Location

Country: United Kingdom


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 3200
Group: Virgin Money Holdings (UK) Plc

Employment Effects

Announcement Date: 01-07-2020
Planned Job Reductions min: 300
Planned Job Reductions max: 300
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-08-2020
Direct Dismissals: 300

Additional Information

Virgin Money, the British financial services provider has announced that it will reduce the number of its branches by 52 through closures and mergers, leading to 300 job cuts across the UK from August 2020.  The restructuring was first announced in February and then suspended, due to the uncertainties caused by the Covid-19 pandemic. The proposed job cuts are part of the longer term restructuring plans to reduce the workforce following Clydesdale and Yorkshire Banking Group’s takeover of Virgin Money in 2018.

A representative of Virgin Money said fewer roles would be cut than originally announced, because more staff were working from home and there was a need to retain employees in business banking contact centres to help small firms cope with the effects of the Covid-19 crisis.

Virgin Money offers a range of savings and investment products, mortgages and credit cards in the UK, South Africa and Australia.