The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other monetary intermediation
300 jobs Number of planned job losses
Announcement Date
1 July 2020
Employment effect (start)
1 August 2020
Foreseen end date
Description
Virgin Money, the British financial services provider has announced that it will reduce the number of its branches by 52 through closures and mergers, leading to 300 job cuts across the UK from August 2020. The restructuring was first announced in February and then suspended, due to the uncertainties caused by the Covid-19 pandemic. The proposed job cuts are part of the longer term restructuring plans to reduce the workforce following Clydesdale and Yorkshire Banking Group’s takeover of Virgin Money in 2018.
A representative of Virgin Money said fewer roles would be cut than originally announced, because more staff were working from home and there was a need to retain employees in business banking contact centres to help small firms cope with the effects of the Covid-19 crisis.
Virgin Money offers a range of savings and investment products, mortgages and credit cards in the UK, South Africa and Australia.
Eurofound (2020), Virgin Money, Internal restructuring in United Kingdom, factsheet number 101275, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101275.
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