Virgin Money UK plc revealed on Wednesday that it will cut 500 jobs in the next stage of its integration programme to bring together the operations of Clydesdale and Yorkshire banks with Virgin Money.

The announcement includes plans to close 22 branches and consolidate a further 30 branches across the UK.

“A reduction of around 500 full time equivalent (FTE) roles across the group is anticipated as a result of these changes, with a significant proportion of this reduction expected to come from head office locations,” said Virgin Money UK.

“These role reductions are part of the forecast reduction of c.16% of FTE roles across the combined group, which was previously announced during the acquisition of Virgin Money in 2018.”

Lucy Dimes, group business transformation officer at Virgin Money UK, said: “The decision to close branches is never taken lightly.

“The changes announced today are focused on consolidating branches where there is another Clydesdale Bank / Yorkshire Bank / Virgin Money location within half a mile as well as closing a number of branches to reflect changes to customer demand. 

“As our customers change the way they want to bank with us, we are evolving the role of our stores – investing in all of the ways that customers are choosing to bank with us, including a reimagined Virgin Money presence on the high street. 

“Following the unveiling of three new Virgin Money stores in December last year, the full rebrand of our national network of 166 stores begins in April and will be completed by September this year.”

In September 2019, Virgin Money UK announced that its corporate locations will be focussed around two major hubs in Glasgow and Gosforth, supported by a regionaloffices in Chester, Edinburgh, Leeds and London.