 Virgin Money is set to close 39 of its branches as customers move to online banking. Around 250 workers are at risk of redundancy and the closures amount to a third (33%) of its bank branches. But the bank's chief operating officer Sarah Wilkinson said the banking firm would 'pursue all options' to retain as many staff as possible within alternative roles. The news comes as fewer people use actual bank branches as Virgin Money follows the likes of other banks like Lloyds and Halifax. But for those who still use their local bank branch, Unite Union said 'access to a bank and cash is a fundamental need'. The bank will write to customers impacted and will display posters announcing the move at least 12 weeks before branches are closed. The branches impacted have seen a 43% reduction in the number of customer transactions since the pandemic in March 2020. Virgin Money announced its decision to close the branches based on factors including footfall, transaction volumes and the number of potentially vulnerable customers in the local area. Virgin Money branches that will close Belfast Bournemouth Brighton Bristol Bromley Cambridge Cardiff Chelmsford Cheltenham Chester Croydon Derby Durham Ellon Enfield Exeter Fort William Golders Green, London Gosforth Centre Guildford Harrow Haymarket, London Hexham Irvine Kendal Kensington, London Kingston Liverpool Lochgilphead Milton Keynes Newton Stewart Norwich Oxford Reading Southampton St Albans Swindon Turriff Wolverhampton It said each store is closing less than half a mile from the nearest Post Office. 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, by conducting fewer transactions in-store and adopting the convenience of digital banking, we must respond to that evolving demand. 'For our colleagues, we will pursue all opti){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
Virgin Money is set to close 39 of its branches as customers move to online banking.
Around 250 workers are at risk of redundancy and the closures amount to a third (33%) of its bank branches.
But the bank’s chief operating officer Sarah Wilkinson said the banking firm would ‘pursue all options’ to retain as many staff as possible within alternative roles.
The news comes as fewer people use actual bank branches as Virgin Money follows the likes of other banks like Lloyds and Halifax.