British lender Virgin Money has decided to cut up to 400 jobs as part of cost-cutting drive after it halted its restructuring plans following the outbreak of the Covid-19 pandemic.

These redundancies add to the hundreds of existing job cuts planned by the challenger bank after the 2018 takeover by Clydesdale and Yorkshire banking group (CYBG).

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Out of the 400 layoffs, 200 roles will be impacted at Clydesdale’s former head office in Glasgow and 50 at the former Yorkshire Bank headquarters in Leeds.

The remaining 150 roles will be laid off at Virgin Money’s office in Gosforth.

Formerly known as Virgin, the company said that these layoffs represent the latest stage of its “integration process” after the €1.7bn takeover by CYBG two years ago.

Following the takeover, the combined company was rebranded to Virgin Money.

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During the tie up with CYBG, Virgin warned that as many as 1,500 jobs will likely be axed.

Last year, 330 roles were made redundant and in February this year 500 more job cuts were announced, as the bank plans to reduce its branch network to 166 locations.

Virgin Money UK chief strategy and transformation officer Lucy Dimes said that the bank was seeking to build “a sustainable business which is fit for the future”.

Dimes added: “Decisions on jobs are never taken lightly, particularly in the more challenging environment brought about by the pandemic, and our focus is on minimising the impact on colleagues from the changes as much as we can.”

However, the company admitted that the employees were being laid off at a time when finding a job is difficult.

Dimes said that Virgin Money will look for alternative roles and avoid layoffs as much as possible.

The latest move comes after TSB decided to slash 900 jobs as it shutters 164 branches, and Co-op Bank cut 350 jobs, shuttering 18 branches.