Virgin Money to cut 400 jobs

Virgin Money to cut 400 jobs

Virgin Money is to slash 400 jobs as it presses on with its cost-cutting programme following its takeover by Clydesdale and Yorkshire banking group (CYBG).

The cuts are understood to affect 50 jobs jobs at the former Yorkshire Bank HQ in Leeds, 200 at the Clydesdale’s former head office in Glasgow, and 150 at Virgin Money’s office in Gosforth.

In total, up to 1500 jobs are at risk as the combined business seeks £120 million of annual pre-tax cost synergies. In September CYBG announced the first wave of job cuts, shedding 300 staff with the forthcoming closure of two Virgin Money centres in Edinburgh and Norwich and Yorkshire Bank's Merrion Way office in Leeds.

In a statement, the firm explains: “These changes are designed to simplify structures, reduce duplication and clarify accountabilities. As a result of these changes, a number of roles are at risk of redundancy."

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