Virgin Money to shut one in five branches amid online shift

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FRANKFURT (Reuters) -Virgin Money UK will close almost one in five branches in the coming months as more customers shift to online banking, the British bank said on Thursday, the latest lender to cut back its high-street presence after the pandemic.
The bank, which had promoted its branches as "community-focussed spaces" to "brighten ... lives", said customer's willingness to bank online or using their mobile phones had prompted it to scale back.
Announcing the cuts, it said there was an ever greater willingness to use "digital self-service".
It will close 31 of its 162 branches in the coming months. It will also cut its office space, a move the bank said would give staff greater flexibility around their working location.
Several banks paused branch closures in the early months of the pandemic but ...


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