Nationwide Cuts 275 More Jobs After Virgin Money Takeover

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Nationwide building society is cutting another 275 jobs, the latest round since it completed a £2.9bn takeover of Virgin Money, the Guardian reports.

Executives told staff on Wednesday that the move is part of an effort to simplify the bank's operations and "remove duplication" after thousands of Virgin Money employees joined the wider group.

The cuts will fall across the retail division, including staff who work on mortgages, as well as HR, the chief operating officer's office, customer operations, communications and finance. Nationwide said no customer-facing staff will be affected. That appears to fit with its pledge to keep its 700 branches open until at least 2030.

The previous round of job losses was announced in June and affected 600 staff.

A Nationwide spokesperson said: "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." The spokesperson also stressed that the cuts are not linked to any growing use of AI.

A bigger workforce after the deal

Virgin Money had more than 7,000 staff around the time Nationwide formalised its takeover in late 2024, when the building society had about 18,000 employees of its own, according to its 2025 annual report. The total workforce now stands at roughly 27,000.

Executives confirmed back in 2024 that there would be "limited workforce changes" to deal with overlapping roles, followed by a formal review of the employee base in the years after.

The deal was seen as a boon for the building society sector when it was announced two years ago. It was a rare case of a member-owned lender, traditionally focused on mortgages and savings, buying a commercial high street bank. It also proved controversial, since Nationwide refused to give members a vote.

On Thursday, Barclays said it is cutting 5,000 jobs under cost-saving plans driven by advances in AI.

Nationwide is due to release its half-year financial results on 19 November.

Source: The Guardian