Virgin Money UK PLC has announced the next stage of its integration process as the Group continues to bring together its heritage Clydesdale and Yorkshire Bank and Virgin Money entities as a single business under the Virgin Money brand.
As previously announced, the Group aims to deliver a significantly more efficient and sustainable business, and has an ongoing programme to reduce operating costs, which includes a reduction in headcount.
Today, changes to a number of business areas across the Group have been announced. 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.
A reduction of up to 400 roles across the Group is anticipated, which will take effect during the first few months of next year. These role reductions are part of the forecast reduction of c.16% of FTE roles across the combined Group, which was previously announced at the acquisition of Virgin Money in 2018.
The Group aims to minimise the impact on colleagues and will deliver these reductions through natural turnover and the removal of vacancies wherever possible. Any colleagues affected will be supported through the Group’s redeployment process, with the aim of securing other internal opportunities and minimising compulsory redundancies.
Changes will affect colleagues based across the UK, working in a number of different business areas.
Lucy Dimes, Chief Strategy & Transformation Officer at Virgin Money UK, said: “We are committed to bringing our operations together under the Virgin Money brand to offer customers a sustainable business which is fit for the future. Decisions on jobs are never taken lightly, particularly in the more challenging environment brought about by the pandemic, and our focus is on minimising the impact on colleagues from the changes as much as we can. We will support all affected colleagues, helping them find alternative roles within the business and avoiding compulsory redundancies wherever possible.”