Branson blasts bonuses for poor performers

Speaking during a visit to the North East yesterday, Sir Richard said the thought bonuses should only be given to those who perform well.

He added: “I think bonuses for jobs not well done is dreadful. It has given companies a bad name.

“Bonuses for jobs well done are fine. If people can double the amount of customers from four million to eight million, I will be very, very happy to give somebody a bonus.

“But if our customers drop from four million to two million I don’t think there will be many bonuses paid out.”

Sir Richard’s firm took over nationalised Northern Rock in a £747m deal and yesterday he visited a former Northern Rock landmark branch in Newcastle.

Re-branding 75 branches is expected to take nine months.

Virgin Money aims to challenge the banking industry’s “big five”.

Sir Richard yesterday claimed people would be queuing up to come into the bank, rather than to take their money out, as they were four years ago.

He was due to spend two days visiting staff – starting with a tour of branches in the North East as well as meeting staff in the operational headquarters in Newcastle before moving on to Edinburgh, Norwich and London.

The mogul compared the brand’s move into high street banking with its train operation, saying: “In trains five years ago we had 15 million customers.

“Five years later we have over 30 million customers and we have done it by putting great new trains on, making sure our staff believe in what they are doing and the train service is being transformed.

“We have done the same with the airline business and with banking we need to get in there and offer great products and make sure they are fair and transparent and people will come to us.”