The cuts are part of the bank’s three year-plan to integrate its operations following the £1.7 billion takeover by CYBG in April 2018.

In May, the bank paused plans to change branch names to Virgin Money as it made provisions for higher losses on loans in light of the coronavirus outbreak. However, in July, Virgin Money announced it would resume plans for branch closures in Scotland and job cuts across its operations.

Virgin Money plans to cut its overall staff numbers by 16% by 2021, The Herald reports.

It is understood that around 200 jobs are expected to be cut at the former Clydesdale Bank headquarters in Glasgow, while 50 members of staff are expected to go in the former Yorkshire bank office in Leeds. A further 150 jobs will be cut at the Gosforth office.

Lucy Dimes, chief strategy and transformation officer at Virgin Money UK, said: “We are committed to bringing our operations together under the Virgin Money brand to offer customers a sustainable business which is fit for the future.

“Decisions on jobs are never taken lightly, particularly in the more challenging environment brought about by the pandemic, and our focus is on minimising the impact on colleagues from the changes as much as we can.

“We will support all affected colleagues, helping them find alternative roles within the business and avoiding compulsory redundancies wherever possible.