Nationwide creates jobs and commits to region

VIRGIN Money's new owner Nationwide has created 370 new jobs since its takeover of Newcastle bank Virgin Money and says it is committed to its Gosforth headquarters.

- TOM KEIGHLEY

New preliminary results for the building society show costs of £698m associated with the Newcastle-based lender, including investment in its customer service operation and on integrating the businesses.

The move has created 370 new jobs in Virgin Money's contact centre and online chat functions, which Nationwide bosses say has significantly improved customer service levels. The jobs are split between Newcastle and Glasgow.

Nationwide CEO Debbie Crosbie said it had been an "outstanding" year for the group in which it had returned a record £2.8bn to members and recorded its highest ever year for growth in mortgage lending - a 16.3% rise to £44.7bn.

Statutory profit before tax increased to £2.3bn in the year to the end of March, 2025, from £1.7bn, though underlying pre-tax profit fell to £1.8bn from £2bn.