Nationwide Building Society is cutting 600 jobs across Nationwide and Virgin Money following its £2.9bn takeover of Virgin Money, primarily affecting back-office staff due to duplicated roles. The move has drawn criticism from unions and reignited controversy over executive pay and member voting rights.
Nationwide's CEO Debbie Crosbie received an 88% pay increase to £4.7m, largely due to a new bonus scheme, while eligible staff get a 3.8% pay rise. The move raises governance concerns among critics, citing the lack of a binding member vote on her pay package and the society's democratic values.
James Sherwin-Smith has secured enough peer nominations to appear on Nationwide Building Society's board election ballot at its AGM in July, potentially becoming the first customer on the board in 24 years. The 45-year-old from West Sussex gathered 256 valid nominations, exceeding the 250 threshold. His candidacy raises concerns about member representation following Nationwide's £2.9bn Virgin Money takeover and a 43% pay rise for CEO Debbie Crosbie that members were denied a vote on.
