It informed staff of the decision on March 11.

The move follows a strategic review of Santander’s Bancassurance Division.

The bank also said it would launch a new Financial Planning Team comprising 150 staff for existing investment customers.

Individuals affected by today’s announcement will be considered for these roles.

In addition, Santander said in a statement that it has other roles within retail, including the mass affluent ‘select’ division and business banking which provide opportunities for redeployment.

An individual consultation period has started that will run up until 6 May.

A Santander UK spokesperson said: “There is never a good time to announce changes such as this and we are acutely aware of the uncertainty staff are facing.

“We are working closely with other business areas to ensure that many of those who may be impacted are able to secure roles in a growing Santander Group and we are committed to redeploying as many colleagues as possible.”