HSBC to axe 40 in fund administration

ANOTHER 40 finance sector jobs are set to go in Guernsey.

HSBC Securities Services announced the cuts in its fund administration arm as it outsourced some business to Ireland and Luxembourg.

The move followed news that 19 jobs are to go at Clydesdale Bank International over the course of the next 12 months, the closure of Jessops in the Pollet and uncertainty about the future of HMV and Blockbuster.

HSBC confirmed yesterday that it was restructuring its fund administration business, although it did not confirm job losses or numbers.

It denied that HSBC Securities Services was pulling out of the island altogether – contrary to initial reports – and said it would continue to serve local clients.