Virgin Money confirmed that it is keen to find alternative roles for some of the affected workers, either by transferring them to nearby branches or other group functions. Photo: Michael McNerney / SOPA Images / LightRocket via Getty Images

Virgin Money will close 31 of its branches in Scotland and the North of England, laying off 112 employees.

It comes because the bank is trying to cut one in five branches in the UK if it pulls away from the main drag.

The company has already more than halved the number of branches since 2018 as part of a restructuring following the takeover of the Clydesdale and Yorkshire banks.

Twelve of the 55 branches in Scotland will be eliminated, nine of 35 in Yorkshire will be closed and the rest will affect branches in the North East, North West and the Midlands.

Virgin Money confirmed that it is keen to find alternative roles for some of the affected workers, either by transferring them to nearby branches or other group functions.

The coronavirus pandemic onslaught has helped dramatically shift customer habits to online and mobile app-based banking, which has reduced the profitability of physical bank branches.

The move follows similar actions taken by other lenders, including HSBC (HSBA.L), TSB, and the credit union.

Continue reading: Coronavirus: Cooperative bank cuts 350 jobs and closes branches

Virgin Money said Thursday that customers who previously relied on the closing branches will be able to use post offices for day-to-day banking operations, including cash deposits and withdrawals, check deposits and balance inquiries, and coin changes.

28 of the 30 customer branches that were closed were less than a third of a mile from the nearest post office.

“As our customers change the way they want to do banking with us and do fewer transactions in-store, we need to further develop the role of our stores in places where we showcase our products and bring our digital services to life,” says Fergus Murphy, said the group’s customer experience director for Virgin Money.

However, Caren Evans, Unite national official, said: “The announcement that another 31 stores will close will be devastating for Virgin Money’s workforce.

The story goes on

“The employees worked tirelessly through a global pandemic, supporting each other and loyal customers. Many put themselves in danger every day to keep the branches open. Today’s announcement is a betrayal of all the employees who have kept this bank running. “

The last branch closings are as follows:

  • Air drying

  • Grantham

  • Northallerton

  • Ashton-Under-Lyne

  • Keighley

  • Newcastle, Northumberland Street

  • Banchorie

  • Leeds, Horsforth

  • Nuneaton

  • Beverley

  • Leeds, White Rose

  • Oban

  • Schwarzbrand

  • Lincoln

  • Portree

  • Broughty ferry

  • Macclesfield

  • Selby

  • Chesterfield

  • Mexborough

  • Sheffield, Meadowhall

  • Cumbernauld

  • Milngavie

  • Stenhousemuir

  • East Kilbride, Prince’s Square

  • Musselburgh

  • Whitby

  • Galashiels

  • Nelson

  • wick

  • Gosforth (a branch only for employees in an office)

Watch: Virgin Money wants to cut 400 jobs at headquarters

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