Hundreds of jobs are set to be axed at Clydesdale and Yorkshire Bank (CYBG) on the back of a £1.7billion takeover last year.
In a statement today, the company confirmed 330 more job cuts and a number of site closures.
Unite national officer Rob MacGregor said: “Unite is deeply alarmed that as CYBG and Virgin Money approach formal integration the business has decided to cut 330 roles and close a number of sites.
“The integration which is due to take place in October 2019 will clearly require some restructuring within the two existing businesses."
It comes after CYBG took over Virgin Bank in a £1.7 billion deal last year - placing 1,700 jobs on the line.
The deal saw the lender change its name to “Virgin Money UK”.
"The scale of job losses and site closures announced today will come as a shock to colleagues," MacGregor added.
"The personal cost of these plans will be major for staff. Unite is concerned that there are likely be further job losses.
“Unite is now actively supporting members and colleagues through this time of uncertainty and is meeting with the bank to press for mitigation of these job losses. The union will be working hard to press for redeployment of impacted colleagues wherever possible.
“Unite workplace representatives will be supporting members over the coming days and weeks across the sites.”
The three sites announced for closure today are Edinburgh, Norwich and Leeds.
Virgin Money’s St Andrew Square office in Edinburgh is expected to close by the end of 2019 – with colleagues relocating to CYBG’s existing office and branch on nearby on George Street instead. Virgin Money’s flagship St Andrew Square lounge will remain open for customers.
Virgin Money’s Discovery House in Norwich is expected to close by the end of October 2020.
Yorkshire Bank’s Merrion Way office in Leeds is expected to close by September 2021, with the Group consolidating its functional corporate office into its flagship store and corporate office on Briggate in Leeds City Centre, which it said will over time transition to the Virgin Money brand.
David Duffy, chief executive of Virgin Money, 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.”
Have you been affected by this? Get in touch: mirror.money.saving@mirror.co.uk
