Virgin Money, Yorkshire Bank and Clydesdale Bank are to close a total of 52 branches within the UK in the next year.
Of that figure, 22 Virgin Money branches will be closed under the company’s restructuring plans, with a further 30 that will be merged over the next 12 months.
Virgin Money revealed plans to close a number of its branches in 2020, alongside a consolidation of 30, following a merger with Clydesdale and Yorkshire Bank back in 2018.
The bank is to close 12 Yorkshire Bank branches, six Clydesdale Banks and four Virgin Money locations as part of its restructure across the UK. The closures will see around 500 full-time equivalent roles cut across the business, including 215 in-branch positions.
The banking group said the closures reflect the way that customers are using services now, with more now opting for online banking in favour of using traditional bank branch services.
Virgin Money has said that it would find alternative roles for staff whose jobs are at risk, either within other stores locally, or elsewhere in the group, wherever possible.
Clydesdale and Yorkshire Bank (CYBG) paid £1.7 billion for Virgin Money in 2018 in an effort to get a foothold so it could challenge competitors, with the company now rebranded as Virgin Money. At the time of the merger, the banking group warned that around 16 per cent of the combined workforce could be cut, amounting to 1,500 jobs losses across the group. The 500 roles that are now to be cut are part of this restructuring plan.
Virgin Money said the branch closures would enable the bank to ensure it has a network that is “fit for the future”, and is reflective of how customers want to use its services.
The number of customers who want to use branches for day-to-day banking services has been falling for several years across all banks, according to Virgin. The banks said approximately 280,000 cheques were deposited by the bank’s mobile app last year, rather than in branches.
In a statement, Lucy Dimes, group business transformation officer, said: “The decision to close branches is never taken lightly.
“The changes announced today are focused on consolidating branches where there is another Clydesdale Bank/Yorkshire Bank/Virgin Money location within half a mile, as well as closing a number of branches to reflect changes to customer demand.”
The closure of branches will begin in late May this year.
We've put together a full list of the banks due to close this year with the Scottish branches in bold:
Clydesdale Bank
Crieff – West High Street
Dingwall – Park House
Dumbarton – High Street
Dyce – Victoria Street
Edinburgh – Bankhead Avenue, Sighthill
Wishaw – Stewarton Street
Yorkshire Bank
Birkenhead – Princes Pavement
Bridlington – Queen Street
Brighouse – Bradford Road
Cannock – Market Place
Gloucester – Northgate Street
Leeds – Harehills Lane
Morley – Queen Street
Pontefract – Ropergate
Sheffield - Lound Side, Chapeltown
Warrington – Buttermarket Street
Wombwell – High Street
Worksop – Bridge Street
Virgin Money
Gateshead – Interchange Centre
Giffnock – Fenwick Road
Low Fell – Durham Road
South Shields - Prince Edward Road
We've also put together a full list of banks that will consolidate in the next 12 months:
Clydesdale Bank
Glasgow – Queen Street
Yorkshire Bank
Hull – Prospect Centre
Leicester – Horsefair Street
Peterborough – Church Street
Sheffield – Fargate
Sunderland – Blandford Street
Virgin Money
Aberdeen – Union Street
Birmingham – Temple Street
Bolton – Bradshawgate
Carlisle – Devonshire Street
Coventry – Hertford Street
Darlington – High Row
Derby – Corn Market
Dundee – High Street
Edinburgh – Castle Street
Edinburgh lounge – St Andrew Sq
Hartlepool – York Road
Kendal – Stricklandgate
Leeds – Briggate
Manchester – Princess Street
Middlesbrough – Linthorpe Road
Newcastle – Market Street
Norwich – Castle Street
Nottingham – Beastmarket Hill
Oldham – Yorkshire Street
Preston - Fishergate
Stockport – Great Underbank
Stockton – Dovecot Street
Sunderland – The Bridges
York – New Street
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