Nationwide to cut 275 jobs in latest round since takeover of Virgin Money

Nationwide Building Society is planning to cut 275 more jobs in the latest round of layoffs since acquiring Virgin Money, the bank's bosses announced on Wednesday. The job cuts are part of efforts to streamline operations and eliminate redundancies across the wider workforce. Nationwide made the announcement to staff, stating that the cuts are aimed at simplifying the bank's operations and removing duplication following the integration of thousands of employees following the £2.9bn takeover of Virgin Money.

The job losses will affect Nationwide's retail division, including those working on mortgages, as well as roles in HR, the chief operating officer's office, customer operations, communications, and finance. No customer-facing staff will be affected, aligning with Nationwide's pledge to keep its 700 branches open until at least 2030. This follows closely after the last round of job losses in June, which affected 600 staff.

A Nationwide spokesperson commented on the latest cuts, stating that as they integrate Virgin Money into Nationwide, they are making a limited number of changes. They emphasized that no customer-facing colleagues are at risk and that they are supporting those affected, including through retraining and redeployment. The Virgin Money takeover, announced two years ago, initially marked a rare moment when a member-owned lender snapped up a commercial high street bank.

However, it proved controversial as Nationwide refused to give members a vote on the deal. Virgin Money had around 7,000 staff at the time of the takeover, while Nationwide had approximately 18,000 employees. Today, the combined workforce sits at roughly 27,000.

Executives had previously confirmed in 2024 that there would be limited workforce changes to address overlapping roles, but they would undergo a formal review of their employee base in the years that followed. Nationwide stressed that the cuts are not linked to the growing use of AI. The lender is set to release its half-year financial results on November 19.