Virgin Money to Shut Nearly a Third of Its Branches
Virgin Money has announced it will close 39 of its bank branches, slashing almost a third of its network. The lender blames “changing customer demand” as more people switch to online and mobile banking. While the bank promises to redeploy some staff, up to 260 jobs could be lost, warns the Unite union.
Jobs at Risk Amid Ongoing Branch Closures
The Unite union has slammed Virgin Money’s move, saying it threatens hundreds of jobs and will hit vulnerable, disabled, and digitally excluded customers hard. These customers rely heavily on expert staff at local branches. Virgin Money insists each closure was carefully considered, factoring in the needs of local communities.
Since the financial crisis, thousands of bank branches across the UK have shut down as lenders cut costs and embrace digital banking. Virgin Money is the latest to follow this trend, reducing its sites from 130 to just 91.
Closing Branches Across the UK – Full List
The axe falls on branches in towns and cities from Belfast to Bromley, including Chelmsford, Enfield, Hexham, London Haymarket, St Albans, Bournemouth, Cheltenham, Exeter, Milton Keynes, swindon/" title="Swindon" data-wpil-keyword-link="linked">Swindon, Brighton, Chester, Bristol, Croydon, Norwich, Wolverhampton, Derby, Oxford, Cambridge, Liverpool, and Cardiff.
Virgin Money says all shuttered branches are near alternative banking options, like Post Offices within half a mile, offering services such as cash and cheque deposits, withdrawals, and balance checks.
Virgin Money Promises Support but Union Calls for Reversal
“Closing a store is never taken lightly,” said Sarah Wilkinson, Virgin Money’s COO. “We’re adapting to evolving demands as more customers go digital. We’re committed to supporting our customers and colleagues, especially vulnerable individuals, with tailored care.”
Despite reassurances, Unite urges the bank to reconsider, warning the closures risk cutting off vital banking support for the most vulnerable. The cuts come just weeks before new consumer protection rules kick in on July 31, aimed at raising standards in financial services.
