EMCC European Monitoring Centre on Change

Virgin Money

Company/Organisation:
Virgin Money

Geographic Location

Country: United Kingdom
Location of affected unit(s): Leeds, Newcastle and Glasgow

Company

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

Employment Effects

Announcement Date: 06-10-2020
Planned Job Reductions min: 400
Planned Job Reductions max: 400
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-01-2021

Additional Information

Virgin Money has announced that it will cut 400 jobs at its head offices in Leeds and Newcastle (England) and Glasgow (Scotland) in early 2021. The company said the cuts were part of the next stage of the restructure first announced when Virgin Money acquired the Clydesdale and Yorkshire Banking Group in 2018. The company said it hoped to avoid compulsory redundancies and achieve job losses through ‘natural turnover’.

A representative of Virgin Money UK said the restructure will create 'a sustainable business which is fit for the future'.

At the previous stage of the restructure, the company had cut 300 jobs, through branch closures and other redundancies.

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