Virgin Money is to cut 500 jobs as it continues to integrate with Clydesdale and Yorkshire Banking Group (CYBG).
It will shut 22 branches and a further 30 will be integrated if offices of the three banks are within half-a-mile of each other.
The UK bank said most of the job cuts would be from its main Glasgow and Newcastle offices. It also has regional offices in Leeds, Norwich, Edinburgh, Chester and London.
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Virgin Money merged with CYBG in a £1.7bn (€2bn, $2.19bn) deal in 2018.
“Statistics show that the number of customers using bank branches for day-to-day transactions across the UK has been on a downward trend for a number of years,” the bank said.
“The decision to close branches is never taken lightly,” said Lucy Dimes, Virgin Money UK business transformation officer. “As customers change the way they bank with us, we are evolving the role of our stores.”
Virgin is the latest in a growing list of UK banks facing falling profits, job losses and branch closures. Banks have come under pressure from digital competitors and low interest rates – which limit the amount of money they can make from lending.
Lloyds, the UK’s biggest domestic bank last week posted a 26 per cent drop in pre-tax profits. Direct Line, which also owns Churchill and Green Flag, is to cut 800 jobs – 7 per cent of its workforce.
Metro Bank is to cut costs and scale back its new branch openings after it posted a £130.8m pre-tax loss in 2019. This compared to a pre-tax profit of £40.6m the previous year.
The Co-op bank posted a loss before tax of £140.7m, compared to £140.3m the previous year. And HSBC said earlier in the week that it is to close 27 branches across the country.