Virgin Money announces major branch closures in UK; Here’s the list of all impacted sites
Virgin Money is set to close nearly a third of its branches, citing «changing customer demand.» The decision may lead to some staff facing redundancy, though the company aims to redeploy some affected employees. The Unite union estimates up to 260 jobs could be lost as a result of the closures. This move is part of cost-cutting measures that have seen many high-street lenders shut down thousands of branches since the financial crisis. Virgin Money's branch closures are driven by the industry's belief that online and mobile banking services have reduced the demand for traditional branch services. After completing the closure program by the end of the year, Virgin Money will be left with only 91 sites.
The 39 affected branches are as follows:• 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 • Bromley • Derby • Gosforth Centre • Kingston • Oxford • Cambridge • Durham • Guildford • Liverpool • Reading • Cardiff • Ellon • Harrow • Lochgilphead Virgin Money has carefully assessed each store individually before making the decision to close them, taking into consideration the impact on the local community, the needs of vulnerable customers, and the accessibility of alternative services like Post Offices and free-to-use ATMs. According to Sarah Wilkinson, the chief operating officer at Virgin Money, the closure of the stores is a response to changing customer preferences, as more people choose digital banking over in-store transactions. The company is committed to supporting both its
Read more on economictimes.indiatimes.com
