Nationwide to cut 275 jobs in latest round since Virgin Money takeover

Nationwide Building Society is cutting 275 jobs in the latest round of cuts since its £2.9bn takeover of Virgin Money, The Guardian has reported.

Bosses told staff the cuts are part of an effort to “simplify” operations and “remove duplication” across the wider workforce, according to the Guardian’s report on Sunday.

The latest round follows the first major round of cuts linked to the takeover, reported in June 2026, when 600 jobs were cut. That earlier round affected staff of both Nationwide and Virgin Money, whose roles were due to be duplicated once the lenders’ operations were fully merged, and was understood to be aimed at back-office staff rather than customer-facing jobs.

Virgin Money formally became part of Nationwide in spring 2026, after a takeover deal first announced in 2024.

The group employs about 25,000 staff and has pledged to keep nearly 700 branches open until at least 2030.

At the time of writing, the 275 figure had been reported by The Guardian alone; no second outlet had independently carried the new number.

Sources:

• The Guardian, “Nationwide to cut 275 jobs in latest round since takeover of Virgin Money”, 25 October 2026: https://www.theguardian.com/business/2026/oct/25/nationwide-to-cut-275-jobs-in-latest-round-since-takeover-of-virgin-money
• The Guardian, “Nationwide cut 600 jobs in first redundancies after takeover of Virgin Money”, 29 June 2026 (context only): https://www.theguardian.com/business/2026/jun/29/nationwide-cut-600-jobs-first-redundancies-takeover-virgin-money