The private bank said it has informed “all of its staff of the intention to focus on trustee business in Jersey” and that, as a result, it expects to surrender its Jersey private banking licence in mid-2013.
The changes are part of the bank’s “Group-Wide Organisational Effectiveness” programme, announced by HSBC chief executive Stuart Gulliver in 2011 which is aimed at delivering “less complex and more efficient businesses”.
In a statement the bank said: “We believe that by simplifying our operating model for private banking in the Channel Islands, we will be able to further improve our level of service to clients and improve the overall efficiency of our business.
“Jersey will remain as an important constituent of our overall banking offering. We are now working to effect the transition of the Jersey private banking business to Guernsey with the objective of minimising the impact on our customers and staff.”