RBC Wealth Management International is to cut around 36 jobs from its offices in Jersey, Guernsey, London and Edinburgh, the company said today, confirming reports that emerged in Jersey last week.
Around 1,200 people are currently employed in these offices, a spokesperson said.
The spokesperson, senior manager of communications for RBC Wealth Management Fiona McLean, said the redundancies came as Canada’s largest banking group continued to “make changes that focus on the capabilities that we need now and in the future, to meet our clients’ evolving needs”.
This, she noted, meant that at the same time that the company was creating “a number of new roles and promot[ing] talented people internally”, as well as continuing “to invest strategically in technology, where it supports our business goals”, cutbacks were being made in other areas.
“As a result, we have made some difficult decisions, and a small number of people are leaving our British Isles Wealth Management business,” she added, in a statement.
“We will provide support and assistance to those affected by these changes.”
RBC Wealth Management International’s largest office is in Jersey, where it has been operating for decades. In 2009 it acquired Mourant Private Wealth, following the acquisition four years earlier of Abacus Financial Services Group Jersey.