Virgin Money Says More Cuts to Come After Eliminating 150 Jobs

Virgin Money UK Plc said it expects to cut more jobs as part of its push to eliminate £200 million ($251 million) in annual expenses and boost returns.

The London-based lender already reduced the number of full-time staffers by about 150 in its fiscal first quarter, according to a statement Tuesday. As part of the cost-cutting moves, the company also shuttered 39 branches and reduced its office property footprint by about 35%, the statement said.