HSBC Bank International To Cut Offshore Jobs

Wendy Spires

8 September 2009

Jersey-based HSBC Bank International said that as a result of a business-wide review up to 86 employees of its Jersey, Isle of Man and other overseas locations may lose their jobs. However, redundancies are not planned at HSBC Private Bank or other HSBC Group businesses on the islands.

Of the potential job cuts, 35 are Jersey-based roles. HSBC said it hopes to redeploy the affected individuals wherever possible.

“The world has changed in the past 6 to 12 months and while HSBC remains strongly capitalised and highly liquid, we are clearly not immune to these changes,” Martin Spurling, chief executive of HSBC Offshore Islands said in a statement.

Mr Spurling said the firm “deeply” regrets the impact of the job cuts on the affected employees, but that the changes were considered essential to ensure the business is operating as efficiently as possible amid the economic downturn.

“Our diverse businesses across the offshore islands continue to have an important role to play in the HSBC Group and its plans for the future. We remain focused on further developing the success of these businesses in the offshore islands of Jersey, Guernsey and the Isle of Man, as well as our overseas offices,” he said.