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.