Jobs at risk in Guernsey as RBC relocates services to Jersey

Tuesday 10 January 2023

RBC Wealth Management has announced it is going to close its Guernsey office, potentially costing 89 jobs, as it relocates key services to Jersey.

Express was informed at lunchtime today that the finance firm has made the "difficult decision to close its office in Guernsey following a review of its business and centralise all relevant activity, predominantly in Jersey and other centres".

89 staff are employed by RBC within its Wealth Management service in Guernsey, but it has not yet been confirmed whether any of their roles will be protected by either remote working or relocation plans. 

The initial statement says that "the impact of the closure on individuals will be determined by their roles". 

RBC Wealth Management said it will take a couple of years for the local office to close. 

Pictured: RBC Guernsey, Wealth Management MD Lisa Barnett. 

Lisa Barnett was appointed Managing Director of RBC Guernsey, RBC Wealth Management in 2018 - she remains in post today, according to LinkedIn.

In October 2022, the firm announced it was buying Brewin Dolphin with the merger expected to take months to complete. 

In November last year, RBC Wealth Management was named 'Channel Island Private Bank of the Year' at the Citywealth International Financial Centre Awards.

The firm also came runner-up in the ‘Jersey Trust Company of the Year’, 'Guernsey Trust Company of the Year', 'Caribbean Trust Company of the Year' and 'Hong Kong Trust Company of the Year' categories at the same time. 

Pictured: Until 2019 this building was owned by RBC, which sold it to Elizabeth College.

The full statement issued by RBC today read: "RBC Wealth Management has made the difficult decision to close its office in Guernsey following a review of its business and centralise all relevant activity, predominantly in Jersey and other centres. The firm expects the full closure, and transition of client business and business operations to take up to two years to complete, with some activities moving sooner. 

"The firm expects the full closure, and transition of client business and business operations to take up to two years to complete, with some activities moving sooner.

"The impact of the closure on individuals will be determined by their role. RBC is committed to ensuring that employees are kept well-informed and treated fairly and respectfully as the firm closes its activity.

"RBC remains committed to its operations in Jersey and across Europe in its strong Capital Markets, Global Asset Management and Wealth Management businesses in the region, as demonstrated by its recent acquisition of Brewin Dolphin."

Pictured top: Gaspé House, where RBC Jersey is based.