Nationwide Building Society is planning 275 job cuts as it combines Virgin Money operations with its own, The Guardian reported, in a further reduction of the lender’s workforce.
The newspaper said staff were told Wednesday that the reductions would affect retail, including mortgage positions, and teams in human resources, the chief operating officer’s office, customer operations, communications and finance. A Nationwide spokesperson told The Guardian that affected employees would receive support including retraining and redeployment. The spokesperson said “no customer-facing colleagues are at risk.”
The Guardian reported that the proposed cuts follow 600 job losses announced in June. It also said Nationwide told staff the current changes are not connected to artificial intelligence.
Nationwide completed its purchase of Virgin Money on Oct. 1, 2024, in a transaction valued at about £2.9 billion. At the time, Nationwide said it expected limited workforce changes aimed at reducing overlap in central functions. It said it did not plan material changes to Virgin Money’s employee base during the first 12 months after completion, with any further changes to be considered over the medium term.
The legal transfer of most of Virgin Money’s business and about 6.8 million customers took place Apr. 2, 2026, Nationwide’s annual report says. The report says all employees are now employed by Nationwide under a shared strategy and a single set of human resources policies.
Nationwide’s 2026 annual report recorded an average of 26,890 employees across the group in the year ended March 31, 2026. That figure is an annual average, not a current headcount. Nationwide is a member-owned building society, and its report describes the transfer as part of integrating Virgin Money’s systems and processes.
The group’s interim results are scheduled for Nov. 19, according to its investor-relations page.
