Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Virgin Money and TSB planning more job cuts

by February 7, 2024
February 7, 2024
Virgin Money and TSB planning more job cuts

Two prominent British high street lenders, Virgin Money and TSB, have raised concerns about potential job losses, with Virgin Money indicating that more roles may be cut following the recent shedding of 150 employees, while TSB plans to eliminate around 300 positions.

Virgin Money disclosed that it had reduced its workforce to slightly over 7,000 employees by closing 39 sites during the three months ending December, which trimmed its branch network to 91 locations. The bank warned that further redundancies were likely, with additional reductions in full-time equivalent staff anticipated throughout the year. Clifford Abrahams, the finance chief of the FTSE 250-listed bank, acknowledged the possibility of additional branch closures.

Similarly, TSB, which employed over 5,500 people last year, informed its staff of plans to cut approximately 300 jobs. This decision follows remarks from Cesar Gonzalez-Bueno, the CEO of Sabadell, the Spanish group that owns TSB, indicating that job losses would occur at the British bank as part of a restructuring process. While no specific figure was provided by Gonzalez-Bueno, TSB emphasized that such decisions are never made lightly.

The warning of potential job cuts from Virgin Money comes amidst growing expectations that the Bank of England will reduce interest rates this year, having raised them rapidly since late 2021 to tackle inflation. While higher borrowing costs benefited commercial lenders, they are now preparing for a potential reversal in this trend.

Speaking on this matter, Abrahams noted the pressure on income across the sector as interest rates decline, emphasizing the need for cost efficiency. Despite inflation remaining above 2 per cent, Virgin is focused on managing costs effectively.

In its first-quarter trading update, Virgin Money’s CEO, David Duffy, reported a positive start to the financial year. Although mortgage lending in the last quarter decreased by 2.2 per cent compared to the previous year, there were indications of improvement in January, with mortgage applications rising to 2019 levels. The recent decline in mortgage rates has bolstered affordability for homebuyers.

Virgin Money’s net interest margin remained steady quarter-on-quarter at 1.89 per cent, supported by hedging arrangements. The bank maintained its forecast for a full-year margin between 1.9 per cent and 1.95 per cent for 2024, with deposits increasing by 1.7 per cent year-on-year to £67.3 billion in the last quarter.

Read more:
Virgin Money and TSB planning more job cuts

0
FacebookTwitterGoogle +Pinterest
previous post
House Judiciary Committee sues FBI agent for defying subpoena in government, Big Tech collusion probe
next post
Spotify Reports Operating Loss in Q4 Despite Subscriber Growth

You may also like

Mortgage Broker: What They Do and How to...

November 23, 2022

Biggest UK fall in real wages for 100...

August 12, 2022

Why The Founder of Branzio Watches Mehtabjit Teja...

October 10, 2022

Lilac Review Uncovers Barriers Faced by Disabled Entrepreneurs,...

May 20, 2024

Bank of England cuts interest rates to 4.25%...

May 8, 2025

UK house sales hit four-year high as market...

May 28, 2025

Chancellor criticised for lack of support for electric...

March 6, 2024

A Life Built on Purpose: Joseph Lozada on...

April 24, 2025

Fincompose Review: Trade on global instruments with FinCompose...

June 29, 2023

Ryan Reynolds’ Business Prowess: From Hollywood to the...

August 29, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved