Hundreds of Yorkshire Bank employees are facing an uncertain future as the bank has confirmed it will be closing one of its offices in Leeds.
The bank's office in Merrion Way, which is home to around 700 staff, will be shut by 2021 and while some staff will be moved to the Yorkshire Bank office in Briggate others are facing redundancy.
It has been reported that around 200 staff will be moved to the Briggate office, but this has not been confirmed by the bank's parent company CYBG.
After completing a £1.7 billion takeover of Yorkshire Bank and Clydesdale last year, CYBG is now merging them with Virgin Money to create the UK's sixth largest bank.
As well as closing the Merrion Way office, the company is also looking to shut Virgin Money offices in Edinburgh and Norwich, in a move that will result in around 330 job losses.
However, CYBG says it wants to "maintain a strong presence in Leeds" and will be "making significant investment in Leeds, retaining specialist analytical, financial and operational skills through the relocation to our Briggate offices".
The move will also see Yorkshire Bank disappear from the high street, as all branches will be renamed 'Virgin Money' by 2021.
David Duffy, chief executive, said: “The consolidation of our operating centres supports our goal to create a more streamlined and efficient business – focussing 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.”
For more of today's top stories, click here .
LeedsLive has launched a WhatsApp group to keep you up to date with the latest news! Click here to join and follow the instructions on your phone. Your number won't be shared with anyone else in the group.
