Nationwide to cut 275 jobs in latest round since takeover of Virgin Money
Nationwide building society is slashing another 275 jobs in the latest round of cuts since its £2.9bn takeover of Virgin Money.
Nationwide building society is slashing another 275 jobs in the latest round of cuts since bank bosses pushed through a £2.9bn takeover of Virgin Money. Bosses made the announcement to staff on Wednesday, saying it was part of efforts to simplify the bank's operations and "remove duplication" after absorbing thousands of staff into the group's wider workforce.
Job Impact Areas
The cuts are to fall across its retail division, including those working on mortgages, as well as in HR, the chief operating officer's office, customer operations, communications and finance. Nationwide said no customer-facing staff would be affected, which appears to be in line with its pledge to keep its 700 branches open until at least 2030.
Takeover Context
The cuts follow closely behind the last round of job losses, which were announced in June and affected 600 staff. Virgin Money had more than 7,000 staff around the time Nationwide formalized its takeover in late 2024, when the building society had about 18,000 of its own employees. Its total workforce now sits at roughly 27,000 today.
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.
Future Plans
Executives had confirmed back in 2024 that there would be "limited workforce changes" to deal with overlapping roles but that they would undergo a formal review of its employee base in the years that followed. A Nationwide spokesperson stressed that the cuts were not linked to any growing use of AI, contrasting with Barclays' recent announcement of 5,000 job cuts driven by AI advances.
Nationwide is to release its half-year financial results on 19 November.
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