Macquarie leaves Virgin in the lurch

Virgin Money has been forced to shelve plans to offer a personal loan product after Macquarie Bank pulled out of plans to fund the loans. The loan was to launch in the next two weeks but Macquarie's withdrawal of the $200 million that would have funded the loans has scuppered Virgin's plans. "They are not originating and more personal loans due to the sharp increase in the cost of credit. Our problem is that we have been partnering with them for more than a year on this…and unfortunately the decision has forced us to let a number of people go. I'm disappointed. We're losing some very talented employees," said Virgin chief executive, David Wakeley.

Source: The Daily Telegraph