Over 1500 jobs to go following £1.7bn Virgin Money takeover

Well over a thousand jobs are set to go following Clydesdale and Yorkshire Bank Group’s (CYBG) £1.7bn takeover of Virgin Money.

Over 1,500 jobs will be axed across the combined business under a plan to make £120m of annual savings by 2021.

The reductions, mainly affecting senior management roles according to the Guardian, will be made to minimise any overlap between the organisations.

CYBG is yet to confirm how many of its branches will close, although it said that not much of an overlap exists within its 250-strong site network.

The Guardian further reported that CYBG will retain Virgin Money’s Newcastle head office for at least three years.

Announced this morning (June 18), the takeover has created the sixth-biggest bank in the UK with six million customers and lending to the tune of £70bn.

Jayne-Anne Gadhia, who became CEO of Virgin Money in 2006, will serve as a senior adviser to the CYBG chief exec David Duffy, who will lead the newly combined business.

Mr Duffy said the deal marks “a pretty historic day” for both CYBG and Virgin Money.

CYBG chairman Jim Pettigrew commented: “It is clear to us that the combined group can transform the UK banking landscape and offer real benefits to customers and communities throughout the UK.”