The job cuts have been announced as part of a “strategic review” that the bank has been undergoing since February.
The cuts in Jersey are almost half of the 55 jobs that are going across the entire group. The bank say that the job cuts represent less than 5% of their workforce and that they will continue to operate here.
A statement released this morning by CEO Adrian Gill said that the job cuts would remove duplication and inefficiency.
He said: “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.”