52 jobs go to Europe as HSBC 'realigns'
HSBC announced yesterday that 52 jobs are to be lost from its securities operation in Guernsey.
HSBC announced yesterday that 52 jobs are to be lost from its securities operation in Guernsey.
Management at HSBC Securities Services (Guernsey) broke the news to staff yesterday morning and explained that non-client facing roles would be consolidated to the bank's larger European office in Luxembourg.
The announcement marks the largest number of jobs lost by a single company locally since the start of the global economic crisis - HSBC Securities Services has just over 100 workers in total.
Staff occupying affected jobs now face an anxious few weeks as they wait to see if they will be made redundant, offered alternative roles within HSBC, or whether they are given the opportunity to move with their job.
The news is expected to lead to another rise in the number of islanders facing unemployment - a figure which has already jumped by almost 200 in the last year to its current total of 447.
HSBC also announced yesterday that it planned to shut down its securities operation in the Isle of Man, moving the 107 roles to Ireland and Luxembourg.
Staff in Jersey did not escape the restructuring either, as 16 asset management jobs are to be moved to other regional offices.