Hundreds of jobs are set to be axed under Virgin Money's latest restructuring plans which will see 22 branches closed and 30 merged over the next 12 months.

The lender has announced plans to shut a number of branches this year – alongside a consolidation of 30 more, after a merger with Clydesdale and Yorkshire Bank in 2018.

Around 500 full-time equivalent roles will be cut across the business, including 215 in its branches, the bank said.

CYBG paid £1.7billion for Virgin Money in 2018 as it tried to get a foothold to challenge the bigger players – the company is to rebrand to Virgin Money in 2021. It already operates under the same banking licence .

At the time, it warned that around 16% of the combined workforce would be cut, losing 1,500 jobs across the group. The 500 roles are part of this restructuring.

Virgin Money said the branch closures would allow the bank to ensure it has a network that is "fit for the future" and reflects how customers want to use its services.

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Lucy Dimes, group business transformation officer, said: "The decision to close branches is never taken lightly.

"The changes announced today are focused on consolidating branches where there is another Clydesdale Bank/Yorkshire Bank/Virgin Money location within half a mile, as well as closing a number of branches to reflect changes to customer demand."

The number of customers who want to use branches for day-to-day banking has been falling for several years across all banks, Virgin said.

Around 280,000 cheques were deposited by the bank's mobile phone app rather than in branches last year.

The stores will start to close in late May.

They include six Clydesdale Bank branches, 12 Yorkshire Bank sites, and four Virgin Money banks.

The bank's announcement follows HSBC's decision to close a further 27 of its sites across the country .

Branch closures – the full list

Clydesdale Bank

Crieff – West High Street

Dingwall – Park House

Dumbarton – High Street

Dyce – Victoria Street

Edinburgh – Bankhead Avenue, Sighthill

Wishaw – Stewarton Street

Yorkshire Bank

Birkenhead – Princes Pavement

Bridlington – Queen Street

Brighouse – Bradford Road

Cannock – Market Place

Gloucester – Northgate Street

Leeds – Harehills Lane

Morley – Queen Street

Pontefract – Ropergate

Sheffield –  Lound Side, Chapeltown

Warrington – Buttermarket Street

Wombwell – High Street

Worksop – Bridge Street

Virgin Money

Gateshead – Interchange Centre

Giffnock – Fenwick Road

Low Fell – Durham Road

South Shields – Prince Edward Rd

Full list of branches consolidating over the next 12 months

Clydesdale Bank

Glasgow – Queen Street

Yorkshire Bank

Hull – Prospect Centre

Leicester – Horsefair Street

Peterborough – Church Street

Sheffield – Fargate

Sunderland – Blandford Street

Virgin Money

Aberdeen – Union Street

Birmingham – Temple Street

Bolton – Bradshawgate

Carlisle – Devonshire Street

Coventry – Hertford Street

Darlington – High Row

Derby – Corn Market

Dundee – High Street

Edinburgh – Castle Street

Edinburgh lounge – St Andrew Sq

Hartlepool – York Road

Kendal – Stricklandgate

Leeds – Briggate

Manchester – Princess Street

Middlesbrough – Linthorpe Road

Newcastle – Market Street

Norwich – Castle Street

Nottingham – Beastmarket Hill

Oldham – Yorkshire Street

Preston – Fishergate

Stockport – Great Underbank

Stockton – Dovecot Street

Sunderland – The Bridges

York – New Street

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