Royal Bank of Canada has announcement the closure of its Guernsey branch, putting nearly 90 jobs at risk.
The bank says it has made the ‘difficult decision’ to close its office in Guernsey following a review.
"RBC Wealth Management 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."
However, it may take up to two years before full closure of the branch.
The impact of the decision on the 89 islanders who work there will be determined by their role, but RBC says it is committed to communicating with employees as the firm closes its activity.
RBC will remain open in Jersey and across Europe in its Capital Markets, Global Asset Management and Wealth Management businesses.
Government 'looking at' Octopus-catching licences as fishing industry struggles
Desalination plant started up after record-breaking summer
More time for islanders to have their say on Jersey's minimum wage
Urgent call for Supertri volunteers
Jersey's wildfire threat 'has not disappeared'
Hospice 10k in memory of Jayson Lee raises £8,000
DFDS 'finalising' Christmas and New Year sailings
Government ordered to disclose PFAS contaminated fields after 'battle' for locations
