KB staff told jobs could go

JOBS could go at Kleinwort Benson in Guernsey as part of a group-wide restructuring agreed with its former shareholder Commerzbank.

The Kleinwort Benson Group has recently been bought by RHJ International SA, but the restructuring was agreed with Commerzbank in the first half of this year as part of broader plan to strengthen the business and will be seen through.

Staff in all of the group's offices have been informed that the workforce could be cut by around 10%, which if carried out in Guernsey would result in 20 jobs being lost from just under 200.

Angus Taylor (pictured), managing director of Kleinwort Benson (Channel Islands) Ltd, insisted the cuts were not linked to its sale to RHJ International.

• Read the full story in the Guernsey Press. See below for subscription details.