Virgin Money warns of more job cuts after culling 150 staff in Q1

Virgin Money is to make more job cuts after dropping the axe on 150 positions in the first quarter.

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Virgin Money warns of more job cuts after culling 150 staff in Q1

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In a trading update, the UK lender says it is on track to deliver £200 million of annualised savings from its existing restructuring programme "after accelerating restructuring and digitisation activity".

Like other major banks, Virgin Money has taken the axe to its branch network, reducing its high street presence by 30% with the closure of 39 stores in Q1. This is complemented by an office consolidation project, which will further reduce its property footprint by 35%.

The restructuring programme has so far claimed 150 jobs, with the bank saying it expects "further reductions in FTEs during the year".

"We are also looking to make increasing use of other more cost-effective geographies for outsourced activities," the statement continues. "We continue to drive digital customer engagement, including the withdrawal of passbook savings accounts for customers and have made further progress in modernising our technology infrastructure, with the ongoing adoption of Microsoft Azure, scaling the use of cloud services across the bank."

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