Newspaper article Evening Chronicle (Newcastle, England)

Bumper Pay Day for Virgin Staff after Profits Double

Newspaper article Evening Chronicle (Newcastle, England)

Bumper Pay Day for Virgin Staff after Profits Double

Article excerpt

Byline: Tom Keighley Business writer tom.keighley@trinitymirror.com

STAFF at Virgin Money are set to receive an average bonus of 11% of their salary following a 127% rise in underlying prot. Jayne-Anne Gadhia, Virgin Money's chief executive, said spirits were high at the bank's Gosforth headquarters this week as it was revealed underlying pre-tax prots more than doubled to PS121.2m in 2014.

Some of the 2,700 sta eligible for the bonus will receive the money in their March pay pack-pack et, on top of their normal bonus and PS1,000 shares gifted on the bank's listing.

Following its debut on the London Stock Exchange last year, Virgin Money is poised to enter the FTSE 250 as mortgage lending increased 11.8% to PS21.9bn.

Mrs Gadhia reinforced the idea of Virgin Money entering the business lending market, mooted by the bank's billionaire part-owner Richard Branson earlier this week.

Mrs Gadhia said: "e board have always known that it makes sense to enter the business banking market. …

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