Having announced plans to cut 1,200 UK jobs, HSBC is to make redundancies in the Isle of Man, Guernsey and Jersey as it pares back its asset management and Securities Services operations on the islands.

Within HSBC Global Asset Management, 16 jobs are to be lost in Jersey, along with two Jersey-linked positions in the UK. Meanwhile, in the bank’s Securities Services division, 100 redundancies will be made in the Isle of Man and a further 50 jobs will be cut in Guernsey.

“HSBC can confirm that a number of roles in its Securities Services (HSS) and an Asset Management unit (AM) have been put at potential risk of redundancy as certain operations align themselves with Group models and customer needs.

“Most of the jobs affected are in HSS, mainly in the Isle of Man and Guernsey. There are also a small number of affected HSS roles in North America and in Asia. Most of the asset management jobs are based in Jersey,” HSBC said in a statement.

The consultation period on the 'at risk' jobs is between 30 and 90 days, after which if there are no changes the redundancies will be confirmed. However, some employees may be offered roles elsewhere in the group, the bank said.

HSBC employs about 1,300 people across it businesses in Jersey, Guernsey and the Isle of Man.

HSBC’s announcement that it planned to cut 1,200 UK jobs came late last month. The bank previously made 1,600 redundancies at the end of 2008.

“There are difficult decisions that have to be made as we adapt to a new environment, and ensure we are positioned for the future,” HSBC's UK managing director, Paul Thurston, said in a statement.

This second round of job losses will not affect HSBC’s private bank, a spokesperson told WealthBriefing.