HSBC Private Bank Ltd has announced that it is closing its offices in Jersey and amalgamating them with those in Guernsey.
HSBC Private Bank Ltd, which is part of HSBC Holdings (formed out of the Hong Kong and Shanghai Banking Corporation in 1991) has 90 offices worldwide and caters for wealthy clients wanting to invest (or borrow) more than $2 million.
HSBC Holdings employs about 800 people in Jersey and has four retail banking branches in the island. It has already announced that it plans to cut 96 jobs in the Channel Islands, most of them in Jersey.
The closure of HSBC Private Bank in Jersey is seen as part of the holding company’s global reorganization to reduce 30,000 jobs, mainly in senior and middle-management positions.