Virgin Money abandons job cut and branch closure plans

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Virgin Money has announced that it is to scrap its branch closure and redundancy programme owing to the Covid-19 crisis.

The bank, a former part of the Yorkshire Bank group, had announced in February that it planned changes, including the closure of 22 branches and consolidation of a further 30 branches, as well as the rebranding of the entire branch network to Virgin Money by October 2020. In addition, an anticipated reduction of around 500 full time equivalent (FTE) roles across the Group was announced in February as part of the forecast reduction of around 16% of FTE roles across the combined Group, announced during the acquisition of Virgin Money in 2018.

These cuts and closures are now on hold until further notice.

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Lucy Dimes, Group Business Transformation Officer at Virgin Money UK, said: “Our primary focus is on supporting our customers and protecting our colleagues during this challenging time.

"As a result of the impact of Coronavirus in the UK, we have decided not to proceed with the integration changes we announced in February.”