Friday, 29 Sep 2023

Virgin Money delays branch closures and job cuts due to coronavirus lockdown

LONDON (Reuters) – British bank Virgin Money (VMUK.L) said on Tuesday that it will halt until further notice the planned closure of 52 branches and 500 job losses, as it grapples with the fallout from the coronavirus outbreak.

Virgin Money announced the planned cuts in February, as part of a cost-cutting programme begun following the merger of Virgin Money and Clydesdale and Yorkshire Banking Group in 2018.

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

The move was first reported by The Sunday Telegraph.

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