UK-based challenger bank Virgin Money is reportedly planning to halt scheduled job cuts and branch closures in a bid to mitigate the impact of the coronavirus (Covid-19).
Virgin Money could put hundreds of job cuts on hold since it is mulling to delay its plans to shutter its branches across the country, The Telegraph has reported.
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Last month, Virgin Money announced its plan to axe 500 jobs and close or merge 52 branches.
The bank said it would completely scrap 22 branches, while it would consolidate a further 30 within one of its nearby locations.
The announcement comes after Virgin Money concluded its merger with Clydesdale and Yorkshire Banking Group (CYBG) back in 2018.
The decision to put the latest redundancies on hold comes after Lloyds decided to delay 780 job cuts due to the outbreak.
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By GlobalDataDue to the pandemic, many banks in the US and Europe have suspended job cuts.
These include banking giants like Wells Fargo, Citigroup, Morgan Stanley, HSBC, and Deutsche Bank, to name a few.
Governments in most countries have imposed a country-wide lockdown to curb the spread of the deadly virus.
However, banks and supermarkets have been allowed to remain open but with reduced opening hours.
Banks around the world have been cutting several jobs as customers pivot to digital banking.
Reports emerged that Europe saw at least 80,000 job cuts last year.
