Virgin Money is set to make 400 employment cuts in a bid to tie up its plans with Clydesdale and Yorkshire banking group (CYBG).
According to Sky News, the cuts are likely to affect 200 jobs at the Clydesdale’s former head office in Glasgow, 50 at the former Yorkshire Bank HQ in Leeds and 150 at Virgin Money’s office in Gosforth.
In 2018, Virgin Money agreed to be taken over by Clydesdale and Yorkshire Banking Group (CYBG) in a deal worth £1.7bn .
It also reports that the company stated it has plans to create a “significantly more efficient and sustainable business” but is aware that “workers were being let go in a tough jobs market”.
The announcement follows high street bank TSB closing 164 branches resulting in the loss of 900 jobs.
Speaking to Sky News, Lucy Dimes, chief strategy and transformation officer at Virgin Money UK, said: [The bank was]seeking to build “a sustainable business which is fit for the future”.
She added: “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.”