THE loss of 52 jobs at HSBC’s securities operation is a tragedy, according to the Chamber of Commerce.

But Chamber director Barry Cash said HSBC’s decision to ‘consolidate’ non-client facing roles from the local office to Luxembourg showed that no business was immune from being forced to cut costs wherever possible.

‘There is an awful lot of uncertainty at the moment because the only way businesses can mitigate the risks is by reducing overheads wherever they can,’ he said.

‘The banking industry is so volatile and banks are doing what every other business is doing – making sure their business is as efficient as possible.’

HSBC informed staff on Monday that about half of the 100-plus jobs at the St Julian’s Avenue office would move to Luxembourg.

Workers now face an anxious wait to see if they will be made redundant, offered alternative jobs within HSBC locally or given the chance to move with their roles to the bigger European office.

‘It’s tragic for the individuals involved,’ Mr Cash added.

Steve Le Page (pictured), chairman of the Guernsey International Business Association, added: ‘Giba has always maintained that the island would not be immune from the effects of the economic changes, which means that, sadly, redundancies such as these will take place within some institutions.’