BNY Mellon, the global financial services company, is expected to reduce the scale of its operations in Scotland.

The company is understood to employ up to 400 staff at Capital House in Festival Square, Edinburgh and some jobs are likely to be axed, while others will be relocated.

Employees were advised at a meeting earlier today that all those affected will receive information about the consultation process from next week. Another office in Wexford, Ireland, employing 310 staff, is closing.

A spokeswoman for the company said: “At BNY we continually evaluate our real estate footprint to ensure we are operating efficiently.

“We are currently evaluating the scale of our operations at our Capital House site in Edinburgh. 

“We remain committed to serving our clients and relationships in Scotland and internationally. We will not be commenting during the employee collective consultation process.”

Capital House building was put up for sale last year by owner Federated Hermes with a price tag in excess of £13 million. 

The bank has ten offices in the UK and has had a presence in the country for more than half a century.

The Scottish investment manager Walter Scott & Partners is a wholly-owned subsidiary of BNY Mellon.

Scott Arthur MP for Edinburgh South West, said: “This is a deeply concerning start to 2025 for these workers, especially given that BNY Mellon recently reported strong fourth-quarter earnings.

“My office is actively seeking a meeting with BNY Mellon to gain a comprehensive understanding of these proposed job cuts.

“We will be pressing for details on the scale of the reductions and exploring all possible avenues to prevent them from proceeding.”