About 40 staff working for a major German bank in Jersey face losing their jobs because of plans to base the part of the bank's business activities in Guernsey. Deutsche Bank Offshore is moving its private client trust service.
Deutsche Bank employs 225 people in Jersey, working in corporate trust, banking, global custody and private client trust services.
It is the last of those which is moving to Guernsey, where private client trust services are also based.
Global competition
It is not known how many of the 40 jobs affected will go, but the bank hopes to keep some of the staff.
Chief Executive of Deutsche Bank Offshore Peter Pichler says the bank had to consider global competition and operating from one island instead of two made more sense.
Those that are leaving will do so in three stages over the next 12 months.
One-Minute World News 
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