British bank Virgin Money on Thursday has announced closing 31 branches and axing around 112 jobs across Scotland and the north of England “as it adapts to changing customer demand.”
The company said that upon reviewing, 31 of their branches have been identified for closure after the pandemic shifted more transactions from physical branches to its website and mobile platforms.
Virgin Money added that the decision was made for each branch after deliberating based on location, usage, proximity to alternative stores, and lease arrangements.
Written notification will be sent for each customer and posters will be displayed in each affected branch at least three months before they close. These will provide details on the alternative ways customers can continue managing their accounts including the nearest alternative stores, ATMs, and Post Office counters.
Virgin Money said it would aim to redeploy affected staff for alternative roles, either by placing them in nearby branches or other group functions, but they expected to reduce around 112 full-time roles.
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