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.
‘HSBC can confirm that a number of roles in its securities services and an asset management unit have been put at potential risk of redundancy as certain operations align themselves with group models and customer needs,’ the bank said in a statement.
‘Most of the jobs affected are in HSBC Securities Services, mainly in the Isle of Man and Guernsey.’
HSBC said it would continue to have commercial, private banking, trust company, asset management and retail banking operations in offshore jurisdictions.
It said the cuts in Guernsey and the Isle of Man were part of a global evaluation by securities services, which has resulted in a 3% reduction of jobs globally.
HSBC employs about 1,300 people across its Guernsey, Jersey and the Isle of Man businesses.
Article posted on 7th April, 2009 - 2.30pm
7 Article Comments
I blame the incompetent politicians worldwide for this mess- isnt Tony Blair now a Director of JP Morgan how convenient.
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Really Andy, do you mean the politicians should have regulated the world financial industry before, if so I agree with you 100%.
Or is it the greed of the big business and Tax Havens such as Guernsey whoops should not have said!
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Well Andy, I agree with your words.
Blair was a trouble maker.(I’m the great I am) sort of man; along with his wife they did things and got away with it. a natural happening it seems under Labour, just see how many are cheating on their fellow men.
Remember the housing affair for their son; sending young men to their deaths because the USA waged war, we don’t forget.
When you become a poodle to one of the worst presidents America has ever known, then one can only place associates in the same basket.
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The argument for importing more labour into the island to fill the much vaunted 1300 jobs need by the finance industry is looking less accurate by the day.
David Jones is right to keep a tight rein on Housing Licences.
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With several other major finance houses ‘realigning’ there is a major chance that we could easily be seeing a 15/20% reduction in those employed in the finance industry over the next 2 years. Thats a direct loss of the relevant tax take from ‘high earners’. You don’t need to be Einstien to realise that very quickly the island will be in a perilous situation unless action is taken know ie. NO borrowing, NO major capital spending and we must reduce public spending. Every other western country is doing just that. Why oh Why are the states not doing the obvious and cutting the States workforce particularly in areas where Joe public would not know the difference. eg PR and ‘communication’ dept, duplication in HR and ‘architects’ etc etc.
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Good point Jackie, there are likely to be many more redundancies in the coming months and the States has a duty to ensure they look after the interests of local workers ahead of licence holders.
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Paul
No doubt the States could make savings in these areas. The first to go should be licence holders. They are less important than local staff.
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