Once the closing round is completed, the lender will have only 91 branches across the UK. Photo: Kevin Ma/Alamy Stock Photo
Virgin Money will close nearly a third of its bank branches, putting more than 250 jobs at risk.
The FTSE 250 lender said on Thursday it will close 39 branches as its customers increasingly prefer online banking over brick-and-mortar stores.
Virgin Money said the decision was based on factors such as foot traffic, transaction volumes and the number of potentially vulnerable customers in the region.
Since the start of the pandemic in 2020, affected branches have experienced a 43 percent decline in customer transactions on average.
Sarah Wilkinson, Virgin Money COO, said: Transactions in store and using the convenience of digital banking, we must respond to this growing demand.
“As far as our colleagues are concerned, we will use all options to keep as many as possible in alternative roles, and have previously had great success with shop colleagues moving to other customer service roles as their skills transfer easily.”
The bank said it would write to affected customers and post relocation posters at least 12 weeks before branches close.
This would leave the lender with just 91 branches across the UK, although Virgin Money said each branch that closes is less than half a mile from the nearest post office.
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Account users across the UK are increasingly avoiding branch visits as cash usage declines and most transactions can be done online.
However, these measures have disproportionately hit older customers who rarely use internet banking or shop online, and small businesses wishing to deposit cash.
It also makes it harder to open accounts and other large transactions, especially for rural customers as cities lose branches and choices.
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