RBC Wealth Management is to close its Guernsey office, affecting 89 employees on the island.
The crown dependency-based business said in a statement on 10 January that the closure was part of a plan to centralise the business, mainly in Jersey and other centres and that this would take up to two years to complete.
RBC Wealth Management said it "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."
Neil Inder, president of Guernsey's Committee for Economic Development, said it was "disappointing to lose such a well-established company" but that he was "assured this is very much a business decision to centralise its operations".
He added: "The finance industry continues to be strong, we are seeing growth in many sectors and we know that there are significant numbers of vacant roles currently available.
"RBC's staff are highly skilled and I am confident that they will have many opportunities available to them should they wish to remain in the industry following RBC's exit."
