Virgin Money is closing 39 UK bank branches – is yours on the list?
- Find out if your local Virgin Money branch will close by the end of the year
- Virgin Money branches in Cambridge, Exeter and Kingston hit
Virgin Money has revealed plans to close 39 branches across the UK due to ‘changing customer demand’.
Unite the Union claims 260 Virgin Money employees are at risk of losing their jobs, though the bank has yet to confirm the exact figure.
It said in a statement that “some colleagues are at risk of being fired.”
Affected sites include those in Chelmsford, Croydon, Durham, London Haymarket and Oxford. About 30 percent of all Virgin Money branches are now closing.
Closures: Virgin Money has revealed plans to close 39 stores in the UK this year
Virgin Money said any affected branch being closed will be less than half a mile from the nearest post office.
Bank customers have access to limited banking service at post offices after a deal was struck in 2015 to offset the impact of closing more than 5,000 branches since then.
Sarah Wilkinson, chief operating officer at Virgin Money said: ‘The decision to close a store is never taken lightly.
“But as our customers continue to change the way they want to bank with us, making fewer in-store transactions and adopting the convenience of digital banking, we need to respond to that changing demand.
‘Our focus is on supporting our customers and colleagues.
“We have very carefully considered the number of vulnerable customers each store uses during the assessment process as a key factor in our decision making, and will proactively provide enhanced, tailored care to ensure affected vulnerable customers are supported by the changes.”
She added: “For our colleagues, we will pursue all options to retain as many as possible in alternative roles, and we have previously had great success with store colleagues moving to other roles in customer operations because their skills are highly transferable.”
Virgin Money said written notice will be sent to customers for each affected store and posters will be displayed at least 12 weeks before they close. Customers will also be informed about alternative ways to get their money locally.
Sharon Graham, Unite’s general secretary, however, said: ‘This announcement of the closure of 39 vital bank branches has sent a shock wave through Virgin Money UK’s workforce.
“Today, 260 skilled and experienced employees have learned that they are at risk of losing their livelihoods at a time of great economic uncertainty for all employees.
“As financial services companies make eye-watering profits, they need to take their responsibilities to customers and communities more seriously.
“Access to a bank and cash is a fundamental need for all of our local high streets. Simply walking away from the consumers who bring astronomical profits to the banks is a complete disgrace.”
“Unite is working hard in all locations to support its members as they process the implications of this terrible news.”
Caren Evans, Unite National Officer, said: ‘Virgin Money UK staff are understandably devastated. The bank is closing 39 branches, leaving only 91 Virgin Money branches.”