UNITE is seeking urgent reassurances from the Clydesdale & Yorkshire Bank Group (CYBG) after it announced plans to slash jobs today following the purchase of Virgin Money.

CYBG has agreed a £1.7 billion takeover deal with Virgin Money which it said is likely to lead to 1,500 job losses.

Unite regional officer Rob MacGregor said the union was seeking an urgent meeting with the new combined chief executive David Duffy to secure assurances on behalf of its members.

The firms confirmed “there will be a loss of jobs” but claimed the bulk of the cuts will affect senior management, as there is “very little overlap” in customer-facing roles.

Virgin Money chief executive Jayne-Anne Gadhia said she had “obtained assurances from CYBG regarding our employees.”

But tellingly she added: “This is a compelling deal for our shareholders that accelerates value delivery and represents the beginning of the next chapter of the Virgin Money story.”

Virgin Money was founded in 1995 by Richard Branson. In 2011, he completed a controversial £747m buyout of the “good” part Northern Rock, while the “bad” bank with toxic mortgages stayed with the taxpayer.

Mr Branson is set to rake in royalties for CYBG’s use of the Virgin brand at an eye-watering minimum fee of £15 million a year after the combined group’s first four years of operating.

Mr MacGregor pointed out that “thousands of banking employees have this morning heard through the media that their jobs are no longer secure.”

He said that Unite felt “deep unease about jobs and services across both these financial institutions.”

He conceded that the tie-up could “change the face of banking in many high streets across the country.”

But he warned: “It is vital that the skilled and experienced workforce are given assurances that branches and contact centres will not be closed, leaving customers without their much valued access to local banking.”