Virgin Money is shedding 400 jobs as part of cost-cutting plans following its merger with Clydesdale and Yorkshire Bank Group (CYBG).

The cuts break down to 50 jobs lost at the former Yorkshire Bank headquarters in Leeds, 200 at the Clydesdale’s former head office in Glasgow, and 150 at Virgin Money’s office in Gosforth.

Up to 1,500 jobs are potentially at risk as the combined business seeks to save around £120 million of annual pre-tax costs. Earlier this year, CYBG announced the first wave of job cuts, with 300 staff lost due to the forthcoming closure of two Virgin Money centres in Edinburgh and Norwich, along with Yorkshire Bank's Merrion Way office in Leeds.

A statement explained these were the latest parts of the "integration process" following the £1.7 billion takeover in 2018 by CYBG, which saw the combined company rebranded as Virgin Money.

“These changes are designed to simplify structures, reduce duplication and clarify accountabilities – as a result, a number of roles are at risk of redundancy."

Lucy Dimes, chief strategy and transformation officer at Virgin Money UK, said the group was seeking to build "a sustainable business which is fit for the future".

She added: "Decisions on jobs are never taken lightly, particularly in the more challenging environment brought about by the pandemic, and our focus is on minimising the impact on colleagues from the changes as much as we can."

The announcement follows recent job cuts by similarly-sized UK high street banks TSB and the Co-operative.

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