UK banks Lloyds and Virgin Money plan to reduce headcounts to cut costs

This story was delivered to Business Insider Intelligence Banking subscribers earlier this morning.To get this story plus others to your inbox each day, hours before they’re published on Business Insider, click here.UK banks Lloyds and Virgin Money are planning to reduce their respective staffs to reduce costs, Reuters reports. Lloyds intends to eliminate 780 jobs, said…

UK banks Lloyds and Virgin Money plan to reduce headcounts to cut costs

This story was delivered to Business Insider Intelligence Banking subscribers earlier this morning.To get this story plus others to your inbox each day, hours before they’re published on Business Insider, click here.UK banks Lloyds and Virgin Money are planning to reduce their respective staffs to reduce costs, Reuters reports. Lloyds intends to eliminate 780 jobs, said union Unite, per Reuters, and Virgin said it would cut 500 jobs and close 52 branches. Lloyds employed 63,000 people last year — and has cut around 5,000 staff members in the last two years, according to regulatory filings cited by the outlet — and Virgin Money had 8,700 employees.

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Layoffs and branch closures across the UK have been surging amid what Reuters identifies as a period of tightening profit margins. Reports of headcount reductions are nothing new among UK banks: HSBC is cutting a staggering 35,000 as part of a major restructure, RBS was reported to be mulling thousands of cuts last month, and Barclays cut 3,000 jobs last year.Furthermore, a whopping 1,200
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