Virgin Money UK Announces Plans to Close 260 Branches and Resulting Job Losses Due to Changing Customer Demand

Virgin Money, a UK-based lender, has announced plans to shut down almost a third of its branches, citing "changing customer demand." The decision could result in up to 260 job losses, according to the Unite union.

The affected branches are spread across the country, including in major cities such as London, Belfast, and Cardiff.

Virgin Money stated that each of the affected branches would be evaluated on an individual basis, with careful consideration given to the needs of vulnerable customers and the availability of alternative services, such as nearby post offices.

The company added that it would proactively provide enhanced care to support vulnerable customers during the transition.

However, the decision has been met with criticism from union representatives and lawmakers, who fear that the closures could exacerbate access to cash and financial services for vulnerable communities.

The shift towards online and mobile banking has led to a wave of branch closures across the industry in recent years, with some estimating that thousands of jobs have been lost as a result.

The move comes ahead of new consumer protection regulations set to come into effect in July, which could see financial institutions held to higher standards in terms of customer service and support.

Commenting on the decision, Unite national officer Caren Evans said: "The staff at Virgin Money UK are understandably devastated by this news.

We urge the bank to rethink these catastrophic plans to withdraw banking services from communities who very much depend on the skilled and experienced banking staff." Virgin Money will continue to operate 91 branches across the country after the closure programme is completed, with the aim of providing customers with enhanced digital and mobile banking services.

The full list of affected branches can be found below: • Belfast • Chelmsford • Enfield • Hexham • London Haymarket • St Albans • Bournemouth • Cheltenham • Exeter • Irvine • Milton Keynes • Swindon • Brighton • Chester • Fort William • Kendall • Newton Stewart • Turrif • Bristol • Croydon • Golders Green • Kensington • Norwich • Wolverhampton •