Virgin Money to Closes 31 of its Branches as the majority of its clients move into online banking
Richard Branson’s Virgin Money UK plans to close almost one 31 of 162 branches in the coming months as more customers shift to online banking.
The British bank said the latest lender to cut back its high-street presence after the pandemic.
The bank, which had promoted its branches as “community-focussed spaces” to “brighten … lives”, said customer’s willingness to bank online or using their mobile phones had prompted it to scale back. Announcing the cuts, it said there was an ever greater willingness to use “digital self-service”.
It will also cut its office space, a move the bank said would give staff greater flexibility around their working location.
Virgin Money is not alone to cut back on branches closure, HSBC is reported to close 82 branches. Meanwhile a British’s biggest domestic lender also plans to cut 56 of its branches.
Reuters reports, earlier this year, Britain’s Financial Conduct Authority told banks to rethink moves to close branches during the pandemic lockdown, fearing it could be to the detriment of customers.
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