Virgin Money is set to become the fascia for the existing Yorkshire and Clydesdale banking brands after its takeover last year phil noble/ReutersThe banking group that bought Virgin Money last October has promised to squeeze another £30 million of annual cost savings from the combined group. Shares in CYBG surged yesterday after it said that it expected the £1.6 billion acquisition to yield £150 million a year of cost savings by the end of 2021, not £120 million, as had been suggested previously. CYBG, which also owns the Clydesdale and Yorkshire banks, is expected to extract the additional savings by cutting duplicated services and reducing third-party contracts in areas such as IT. It made no change to its target of cutting 1,500 jobs from its combined workforce of 9,500. It also eased fears about margins this year, saying that it expected its net interest margin to drop…

Source: The Times February 07, 2019 00:10 UTC