89 jobs set to go as RBC leaves the island
NEARLY 90 jobs are to be lost at RBC Wealth Management, as the business confirmed it would be closing its Guernsey office.
The phased closure will take place over the new two years.
And yesterday Sancus Lending Group also confirmed it would be closing its Guernsey office, which employs four people.
There are currently 89 people employed in Guernsey’s RBC office, with the business based at Admiral Park.
'It is always disappointing to lose such a well-established company but I am assured this is very much a business decision to centralise its operations,' said Economic Development president Deputy Neil Inder.
'The finance industry continues to be strong, we are seeing growth in many sectors and we know that there are significant numbers of vacant roles currently available.'
Guernsey Finance’s chief executive Rupert Pleasant added: ‘The decision by RBC Wealth Management is in no way a reflection of the robust health of Guernsey’s financial services sector, nor the attractiveness of the jurisdiction as a place to do business.’
An RBC spokeswoman said the decision to close its office in Guernsey followed a review of its business and centralise all relevant activity, predominantly in Jersey and other centres.
‘The firm expects the full closure, and transition of client business and business operations to take up to two years to complete, with some activities moving sooner,’ she said.
‘The impact of the closure on individuals will be determined by their role.'
The bank said it was committed to keeping staff informed and treated fairly and respectfully through the closure process.
The spokeswoman said RBC remained committed to its operations in Jersey, where it is one of the island’s largest employers, and across Europe.
RBC offers a broad range of services locally, including international private banking, trust, investment, funds and custody services. It had a strong presence in employee benefits plans, but that business was sold to JTC in 2021. Canada Court in Upland Road was built in the 1970s and home to RBC for decades.
But RBC moved out in July 2020 and the site was sold to Elizabeth College for £4.5m.
RBC has supported local community in variety of ways, including energetic support for a range of equality and diversity causes, including Channel Island’s Pride and the Pride of Guernsey Awards.
It also funded the Clean Earth Trust’s first annual marine waste report and recently sponsored the RBC Walk of Hope – a fundraising walk for the charity Mind.
Sancus Lending Group is an alternative finance provider, which has a local office in Hirzel Street and has been in the island since 2014, along with offices in Jersey, Gibraltar, Ireland and the UK.
‘The team in Guernsey is a finance function only and it makes more sense for this activity to be undertaken where we have our other operational teams,’ said a spokeswoman.
‘However, we continue to have several live development sites in Guernsey and are actively seeking new lending and co-funding opportunities in the island.’
Discussions about the future of the four Guernsey staff are ongoing and the company would not comment about whether they could transfer to Jersey, where the finance operations will move to.
