Deutsche Bank announced last week that it will be restructuring its Channel Islands operations, the result of which is something of a mixed blessing for the islands. Whilst Guernsey is set to gain 15 jobs, 40 posts will go in Jersey.
The bank's decision has come about as a result of the duplication of services between the two offices. Consequently, fiduciary operations will now be merged and based wholly in Guernsey, according to a report from the Guernsey Press and Star.
However, Peter Pichler, Deutsche Bank's chief executive of offshore operations, commented that the bank's commitment to the Channel Islands remained strong. "A decision of this nature is never made lightly and was arrived at only after a detailed analysis had been carried out of the operations on both islands," Pichler told the Press and Star. "After weighing up the benefits of each location, the balance came down in favour of Guernsey, where a number of the central functions are already located."
Pichler also stressed the bank's desire to concentrate on developing its private client trust business, which the Guernsey office is more geared towards. "It is also better-placed to develop the private client trust side of our business in what are very competitive times," he observed.
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