In a recent announcement, Virgin Money, a prominent lender, has revealed plans to shut down almost a third of its branch network, citing “changing customer demand” as the primary reason for the decision. While the lender hopes to redeploy some affected staff, it has admitted that some jobs might be at risk of redundancy.
[block_2]
The Unite union has expressed concerns that up to 260 jobs could be lost due to the branch closures. This move by Virgin Money is part of the ongoing trend in the industry, where high street lenders have been closing branches to implement cost-cutting measures since the financial crisis. The rise of online and mobile banking services has been widely cited as the driving force behind reduced demand for traditional branch services.
