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Virgin Money to slash 500 jobs, consolidate or close 52 branches

February 27, 2020

Virgin Money will slash 500 jobs and also close 22 branches outright and consolidate another 30 branches into another nearby Clydesdale Bank/Yorkshire Bank or Virgin Money location as part of an integration following its 2018 merger with Clydesdale Bank.

Clydesdale Bank's acquisition of Virgin Money was approved in October 2019, creating a single bank with 6.4 million customers. The branches will be integrated and operate under the Virgin Money name by October 2020. 

"The decision to close branches is never taken lightly," Lucy Dimes, group transformation officer at Virgin Money UK, said in a company release. "The changes announced today are focused on consolidated branches where there is another Clydesdale Bank/Yorkshire Bank/Virgin Money location within a half-mile and closing a number of branches to reflect changes in public demand."

Cover image: iStock