April 2025 – Nationwide gave a surprise bonus of £50 for 12 million of its members as a reward for not making too much fuss about the board’s takeover of Virgin Money while using £3 billion of members (the “owners”!) money but denying the “owners” any say in the deal.
The directors say the takeover makes the society stronger, as if it is not strong enough already. As in previous takeovers the only real beneficiaries will be the directors.
Debbie Crosbie, the CEO, says the £50 recognises ‘the role our members played in building our financial strength’ to make the Virgin buyout possible. Although the members didn’t realise it. And they were not consulted about the £50 windfall either.
James Sherwin-Smith, who led the campaign for a vote and wants to join the Nationwide board, said the society should be more ‘upfront’ about how its reserves, which belong to members, are used. ‘Nationwide has a habit of ignoring members. ‘This “thank you” payment is another example of why members should be more engaged, and their perspectives better represented,’ he said.
Thiismoney report – Nationwide forced to defend £50 takeover reward | This is Money
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