Closure of old Yorkshire Bank branches to resume with planned job cuts at Virgin Money resumed

Virgin has said it is resuming its plans to shut or merge 52 branches and axe 300 jobs after putting the overhaul on hold amid the coronavirus crisis.

But the group said the immediate job cuts are 200 fewer than those previously announced due to changes made in response to Covid-19.

It will also offer staff affected by branch closures the option to remain with the group until October 20 to help offer support to vulnerable customers.

Virgin Money will restart its shake-up in August, shutting 22 branches and merging 30 more into nearby sites, as well as rebranding all Clydesdale Bank and Yorkshire Bank branches under the Virgin Money banner.

These include former Yorkshire Bank and Virgin branches in Hull, Sheffield, Leeds, Brighouse and York. It is aiming to have all branches rebranded by the end of January next year.

Lucy Dimes, group business transformation officer at Virgin Money UK, said: “While the decision to recommence these redundancies and branch closures has not been taken lightly, we are committed to integrating Virgin Money under one brand as a sustainable, innovative business that invests in improving its customer offer for the future. The measures we’ve put in place during the lockdown will continue, to help customers engage with alternative and improved ways of banking with us.”

The group – formerly known as CYBG – announced plans in February to axe 500 full-time equivalent roles, including 215 in its branches.

But it is sticking to overall aims to slash around 16% of its combined workforce – some 1,500 jobs – following CYBG’s £1.7 billion takeover of Virgin Money in 2018.