economy
Nationwide to cut 600 jobs in first redundancies after takeover of Virgin Money
Exclusive: Move affects staff of both companies whose roles will be duplicated once operations are merged
TL;DR
- Nationwide is axing 600 jobs, impacting both Nationwide and Virgin Money staff.
- The redundancies are a result of duplicated roles following the merger of the two companies.
- The cuts are primarily targeting back-office staff, not customer-facing roles.
- Nationwide has pledged to keep its nearly 700 branches open until at least 2030.
- The building society is consulting with staff unions NGSU and Unite over the job cuts.
- Nationwide's CEO, Debbie Crosbie, saw a significant increase in her potential pay package following the takeover.
- This move follows earlier job cuts by Nationwide in the months leading up to the Virgin Money takeover.