Virgin Money Confirms 400 Job Cuts Amid CYBG Combination

British bank Virgin Money UK Plc is cutting as many as 400 jobs, according to a company statement.

The reductions are part of Virgin Money’s plans to reduce operating costs after its combination with the Clydesdale and Yorkshire banking brands two years ago.

The changes, which fall within a previously announced 16% reduction in full-time positions, will affect staff across the U.K. in a number of different business areas, the company said Tuesday.

CYBG, created from National Australia Bank Ltd.’s U.K. assets, agreed to buy Virgin Money for about 1.7 billion pounds ($2.2 billion) in 2018.

The announcement adds to ...