CYBG announces job cuts and closures after Virgin Money merger

CYBG Group has announced 330 job cuts and several office closures across the UK as part of its restructuring plans for the next year.

The firm, who acquired Virgin Money — formerly Northern Rock — in 2018, will axe 100 roles across its head office based in Newcastle.

Virgin Money’s Jubilee House in Gosforth employs more than 2,000 people and is one of the key sites for the brand in the UK.

CYBG reiterated their commitment to keeping the Newcastle branch open in the long term.

There will also be significant office closures in both Norwich and Edinburgh, both of which will see Virgin Money branches closed completely.

The Edinburgh Virgin Money office, based in St Andrews Square, will shut its doors by the end of 2019, with 100 staff set to lose their jobs.

Some employees will be kept on but moved to CYBG’s offices on George Street.

The office at Discovery House in Norwich also employs 100 people and will be closed by October 2020, though some roles will continue in the city, but relocated later.

Additionally, CYBG announced that it plans to close down its Yorkshire Bank office in Leeds, which employs 750 staff, by September 2021.

The office will be merged into its flagship store and corporate office in Leeds city centre, as well as being rebranded under Virgin Money.

David Duffy, CEO of CYBG said: “The consolidation of our operating centres supports our goal to create a more streamlined and efficient business – focusing on two key operational centres in Glasgow and Newcastle, supported by teams based in Leeds, Edinburgh, Chester and London.

“Detailed planning is in place to ensure that the Bank is able to safely transfer operations to the major hubs over time, while continuing to provide the same great service for our customers every day.

“We recognise that some exit dates are quite far in the future, however, we want to be open with colleagues and give them clarity on changes as soon as possible.

“They are our key priority and we will support them through this change with as much choice and flexibility as possible.”