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
400 jobs Number of planned job losses
Announcement Date
6 October 2020
Employment effect (start)
1 January 2021
Foreseen end date
Description
Virgin Money has announced that it will cut 400 jobs at its head offices in Leeds and Newcastle (England) and Glasgow (Scotland) in early 2021. The company said the cuts were part of the next stage of the restructure first announced when Virgin Money acquired the Clydesdale and Yorkshire Banking Group in 2018. The company said it hoped to avoid compulsory redundancies and achieve job losses through ‘natural turnover’.
A representative of Virgin Money UK said the restructure will create 'a sustainable business which is fit for the future'.
At the previous stage of the restructure, the company had cut 300 jobs, through branch closures and other redundancies.
Eurofound (2020), Virgin Money, Internal restructuring in United Kingdom, factsheet number 102191, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102191.
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