Nationwide to cut 600 jobs after Virgin Money takeover
10 reported
Nationwide building society is cutting 600 jobs in the first major round of redundancies linked to its takeover of Virgin Money, according to a report. The cuts affect Nationwide and Virgin Money staff whose roles are duplicated as the lenders’ operations are fully merged. Virgin Money formally became part of Nationwide this spring after a £2.9bn takeover. The cuts are understood to target back-office staff rather than customer-facing roles, and the building society has pledged to keep nearly 700 branches open until at least 2030. Nationwide, which employs about 25,000 staff, is in a weeks-long consultation with unions over the job cuts. The building society stated it is making “modest changes” in areas where activities overlap and is recruiting for about 270 roles, though none are specifically reserved for affected staff. The takeover was controversial because Nationwide refused to give members a vote on the deal, and the lender later used the expansion to justify a 43% increase to chief executive Debbie Crosbie’s maximum pay package.
What’s reported
Nationwide is cutting 600 jobs in the first major round of redundancies linked to its takeover of Virgin Money.
Virgin Money formally became part of Nationwide this spring after a £2.9bn takeover.
The cuts target back-office staff, not customer-facing roles.
Nationwide has pledged to keep nearly 700 branches open until at least 2030.
Nationwide employs about 25,000 staff and is in a weeks-long consultation with the Nationwide Group staff union (NGSU) and Unite.
Nationwide is recruiting for about 270 roles, but none are specifically reserved for affected staff.
Nationwide refused to give members a vote on the Virgin Money takeover.
Chief executive Debbie Crosbie’s maximum pay package was increased by 43% last year, allowing up to £7m if criteria were met.
Crosbie received £3.2m in bonuses and a total pay packet of £4.7m for the year to March 2026.
Nationwide cut about 800 jobs by early 2024, including 200 redundancies announced before Christmas 2023.
Key figures
Emma Clay, general secretary of the Nationwide Group staff union (NGSU)
Debbie Crosbie, chief executive of Nationwide
Joe Garner, predecessor of Debbie Crosbie
Sources: The Guardian
