Nationwide is cutting 275 jobs following its £2.9billion takeover of Virgin Money. Staff were told on Wednesday, with reports indicating the cuts are part of efforts to "remove duplication" after thousands of employees moved across.
Details of the job cuts
A Nationwide spokesperson said: "As we integrate Virgin Money into Nationwide, we’re making a limited number of changes. No customer-facing colleagues are at risk and we’re supporting those affected, including through retraining and redeployment."
The job cuts will fall across the lender's retail division, affecting those in HR, mortgages, communications, finance, customer operations and the COO's office, according to the Guardian.
Workforce and new roles
Nationwide's workforce totals about 27,000 and is set to add over 380 roles in growth areas such as business banking.
News of the latest cuts come after Nationwide announced job losses in June, affecting 600 staff.
Takeover background
Nationwide completed its takeover of Virgin Money in April, with 6.6 million customers taken on by the lender. When the £2.9billion deal was announced in March 2024, the building society said there would not be any job cuts "in the near term".
Debbie Crosbie, Nationwide's chief executive, hailed the deal for bringing the benefits of fairer banking and mutual ownership to more people in Britain.
Nationwide said the latest job cuts are not due to Artificial Intelligence (AI), and staff affected would receive help finding other roles. Barclays revealed last week that it would cut 5,000 jobs as part of AI-driven cost-saving plans.
