Royal Bank of Scotland International (RBSI) has confirmed plans to make about 50 staff redundant across its operations in Guernsey, Jersey, the Isle of Man and Gibraltar, saying the changes are part of a drive to streamline how the business functions.
Onboarding roles hit hardest
The bank said the job losses are mainly concentrated in its onboarding team, which is responsible for establishing new retail, corporate and institutional client accounts. The BBC report locating the figures said the reductions are taking place across the Channel Islands and other Crown Dependencies where RBSI operates.
"We recently announced changes to simplify how we operate and ensure we remain focused on delivering the best possible service to our customers."
The statement, delivered by an RBSI spokesperson, framed the redundancies as part of a broader simplification exercise rather than a reaction to a sudden downturn in activity. The bank did not provide a detailed breakdown of how the cuts will be phased or the exact roles affected beyond identifying onboarding as the primary area.
Wider reassessments in the finance sector
The announcement comes amid similar reviews in the Channel Islands’ finance sector. The Aztec Group, which also operates in the jurisdictional markets, said it was conducting a limited review of some roles across the business.
"Like many businesses, we continually review how we are organised to ensure we deliver the best outcomes for clients and support the long-term success of the business."
Aztec added that the review covers less than 3% of roles globally and described the firm as "healthy and profitable," committing to manage any restructuring "with care, respect and support for our people."
- Approximate jobs lost at RBSI: 50
- Locations affected: Guernsey, Jersey, Isle of Man, Gibraltar
- Primary function affected: Onboarding (new client setup)
What this means for staff, clients and the industry
For staff in onboarding teams the immediate consequence will be job insecurity and the prospect of redundancy. On a broader level, trimming onboarding functions can slow the speed at which new customers are brought on board, potentially affecting business growth if capacity is reduced.
For clients, the bank's reassurance that the changes are intended to maintain service quality will be important. But process simplification often involves centralisation or increased reliance on technology, which can change how services are delivered and by whom.
At an industry level, the moves by RBSI and the operational review at Aztec highlight how firms in the regulated finance hubs are continuing to adjust cost bases and operating models. Regulatory compliance, cross-border client due diligence and the expense of maintaining multiple onshore presences mean firms regularly reassess whether tasks remain locally based.
| Firm | Action | Scale |
|---|---|---|
| RBSI | Redundancies announced | ~50 roles across Crown Dependencies |
| Aztec Group | Limited review of roles | <3% of roles globally |
Channel Islands-based finance employers operate in a competitive international market. Decisions to cut or reconfigure roles typically aim to protect profitability and client service levels but can transfer employment risk to local economies that depend heavily on financial services.
For policymakers and local labour markets, the news will renew focus on the resilience of employment in regulated finance and the need to diversify local economies to cushion workers from sector-specific shocks.
RBSI and Aztec have both stressed they will handle the changes carefully; nonetheless, employees affected will seek clarity on redundancy terms, redeployment opportunities and support for finding new roles.
