Virgin Money closing or axing 52 branches and 300 jobs

High street lender Virgin Money has said it will resume plans to shut or merge 52 branches and axe 300 jobs after putting the overhaul on hold amid the coronavirus crisis.

But the group said the immediate job cuts are 200 fewer than those previously announced due to changes made in response to Covid-19.

It will also offer staff affected by branch closures the option to remain with the group until October 20 to help offer support to vulnerable customers.

Virgin Money will restart its shake-up in August, shutting 22 branches and merging 30 more into nearby sites, as well as rebranding all Clydesdale Bank and Yorkshire Bank branches under the Virgin Money banner.

Lucy Dimes, group business transformation officer at Virgin Money UK, said: “While the decision to recommence these redundancies and branch closures has not been taken lightly, we are committed to integrating Virgin Money under one brand as a sustainable, innovative business that invests in improving its customer offer for the future.

“The measures we’ve put in place during the lockdown will continue to help customers engage with alternative and improved ways of banking with us.”

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