Newcastle bank Virgin Money has revealed a 10% pay rise for most of its 7,500 staff as it reported a 43% hike in annual profits.
The group - which has offices in Newcastle, Leeds and Glasgow - said it was giving staff a rise of between 9% and 11%, as well as a £1,000 cost-of-living payment in August. The bank said it thought the package was ‘sector leading’.
The company said that, alongside the staff pay boost, it has launched a cost-of-living hub to help offer support to customers in financial distress but said it has not yet seen signs of an increase in borrowers falling behind with their repayments.
