Job cuts at bank

Up to 25 jobs could go in the latest round of job cuts at banking giant HSBC Bermuda, insiders fear.

The bank announced earlier this week that some services would be transferred from the island to offices in Europe - but said it would work to redeploy affected staff “wherever it can.” Last night, a spokesman for the bank told us: “We are unable to confirm the actual number of redundancies at this point as we are working with those impacted to find alternative employment.

“In some cases we have already secured alternative roles for individuals within HSS. We remain committed to redeploy resources wherever possible and that is our focus at this time.”

The bank said earlier this week that fund administration and custody services would be transferred away from its HSS office in Bermuda.

The bank added it currently employs more than 660 people on the island — down from more than 900 in 2010, according to that year’s Business Bermuda Review.

In 2012, the bank’s website said it employed more than 700 people locally.

But, while there have been redundancies, the reduction in staffing includes transfers of activities and jobs to other firms in Bermuda, as well as natural attrition.

People on work permits leaving the island also contributed to the fall in numbers.

In October last year, HSBC said that 15 people — including catering and IT staff — had been let go over a six-week period.