Norwich to lose bank as Virgin Money announces 500 jobs cuts

PUBLISHED: 17:17 26 February 2020 | UPDATED: 08:47 27 February 2020

Staff at the Virgin Money lounge in Norwich could be under threat. Picture: Denise Bradley

Staff at the Virgin Money lounge in Norwich could be under threat. Picture: Denise Bradley

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Virgin Money has announced it will be axing 500 jobs across its branches and offices as part of a restructuring.

Norwich is set to lose one of its banks following a restructuring announcement by Virgin Money.

The bank said it will be axing 500 jobs across its network, which includes the Clydesdale, Yorkshire Bank and Virgin Money.

Norwich is one location which will be "consolidated", meaning it will lose its Virgin Money site at 4 Castle Street, to merge with the Virgin Money Lounge at 10 Castle Street.

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A spokesman for Virgin Money said: "Branches within half a mile of each other will be consolidated to eliminate duplication and create a national network fit for the future."

Norwich is one of 30 locations which will be consolidated to a single branch.

Each consolidated site will serve customers from Virgin Money, Clydesdale Bank and Yorkshire Bank.

Lucy Dimes, group business transformation officer at Virgin Money UK, said: "The decision to close branches is never taken lightly. As our customers change the way they want to bank with us, we are evolving the role of our stores - investing in all of the ways that customers are choosing to bank with us, including a reimagined Virgin Money presence on the high street.

"Following the unveiling of three new Virgin Money stores in December last year, the full rebrand of our national network of 166 stores begins in April and will be completed by September this year."

The company has already made 50 people redundant in Norwich after it announced the closure of its Discovery House office last year.

Staff for Virgin Money Giving still remain at Discovery House in the Norwich Business Park, but the company has said the 150 employees will be moving to another site in the city during 2020.

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