Nine employees are to lose their jobs in the island with the Royal Bank of Scotland International, it was announced today.
The news is another blow for local banking coming just a week after private bank Kleinwort Benson said it was pulling out of the island.
Today Adrian Gill, chief executive officer, RBS International, revealed redundancies following a strategic review aimed at removing ineffiencies andduplication and to deliver better services for customers.
He said: ‘In terms of resources going forward this means there will be nine employees who will be leaving the bank in the Isle of Man.
‘The reduction in staff has been minimised as far as possible.
‘It is very much a regret that we will need to lose good and loyal people.
‘There are new roles created but the changes will result in some redundancies.
‘Individual discussions have been held with all staff affected, to explain their position and options.
‘Our first concern is that they are treated fairly, transparently and they will be supported throughout the process.’
He said the intention is to make RBS a smaller, simpler and smarter bank that puts the needs of its customers at its core.
‘By removing complexity and better connecting our business we will be able to improve the things that matter to customers.
‘As part of the RBS review RBS International, NatWest and the Isle of Man Bank now have a simpler connectivity into the bank’s Commercial and Private Banking division.’