Yorkshire Bank owners to cut 500 jobs and shut seven branches in the region

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As many as 500 members of staff at the former Yorkshire Bank business are to be culled as part of the rebrand to Virgin Money.

The firm said up to 140 roles in the Merrion Way office in Leeds are expected to be made redundant as the group restructures the firm around two major hubs in Glasgow and Gosforth, near Newcastle.

The bank is also closing seven branches in the region.

Virgin Money, which has merged with the old Clydesdale Yorkshire Bank Group, will close former Yorkshire Bank branches in Bridlington, Brighouse, Pontefract, Sheffield's Chapeltown and Wombwell near Barnsley, as well as two branches in Leeds in Morley and Harehills.

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Yorkshire Bank branch on BriggateYorkshire Bank branch on Briggate
Yorkshire Bank branch on Briggate | jpimedia

The bank said these branches were selected for closure as a result of lower usage.

Virgin Money also announced four branches are to be consolidated into another Yorkshire Bank or Virgin Money location within half a mile, to eliminate duplication.

The Virgin Money store on Briggate in Leeds will merge with the Yorkshire Bank branch, also on Briggate while Yorkshire Bank's in Hull and Sheffield's Fargate will consolidate their operations with nearby Virgin Money outlets. The Virgin Money in York city centre will also merge with the Yorkshire Bank branch on Coney Street.

Further consultation is underway over role reductions in central offices as part of the c.16% FTE reduction announced as part of the Virgin Money acquisition.

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guzelian picture | freelance

Lucy Dimes, Group Business Transformation Officer at Virgin Money UK, said:

“The decision to close branches is never taken lightly. The changes announced today are focused on consolidating branches where there is another Clydesdale Bank / Yorkshire Bank / Virgin Money location within half a mile as well as closing a number of branches to reflect changes to customer demand.

"As our customers change the way they want to bank with us, we are evolving the role of our stores - investing in all of the ways that customers are choosing to bank with us, including a reimagined Virgin Money presence on the high street. Following the unveiling of three new Virgin Money stores in December last year, the full rebrand of our national network of 166 stores begins in April and will be completed by September this year.”

Posters will be placed in each affected store and written notification will be sent to customers at least 12 weeks before any store closes providing details to customers on the alternative ways of continuing to manage their accounts, including nearest stores, ATMs and Post Office counters - which customers can use for day-to-day banking.