Royal Bank of Canada has announced plans to shut its office in Guernsey, potentially putting 89 jobs at risk.
The firm says it made “the difficult decision to close its office" on the island following a review of its business and plans to centralise its Channel Islands operations in Jersey.
The closure is expected to take "up to two years" to complete, but some departments will move sooner.
89 people are currently employed by RBC Wealth Management in Guernsey, but it is yet to be confirmed if they are all at risk of redundancy or if some will be invited to relocate or work remotely.
A company spokesperson says the decision hasn't been taken lightly:
"After carefully considering our current business and operating models in the Channel Islands, we have determined that it is no longer viable to maintain its presence in Guernsey from a scalability, financial and commercial perspective.
"We’re proud of our history in the financial sector in Guernsey, as an employer and of our support for our clients and the local community."
They added the impact on staff will depend on their role within the company:
"The impact of the closure on individuals will be determined by their role. RBC is committed to ensuring that employees are kept well-informed and treated fairly and respectfully as the firm closes its activity."
Rupert Pleasant, Chief Executive of Guernsey Finance says: “It is important to note that there is continuing growth across industry; Guernsey continues to be home to a significant number of banks and recent quarterly reporting figures show our total deposits are steadily increasing, with the latest figures standing at over £106 billion.
"Today’s 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.”
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