It's been confirmed 16 jobs are to go within the Lloyds Banking Group operations on the Island.
Trade union Unite had voiced concerns jobs would be lost after the Banking Group announced it would shed over 1,000 posts across the UK as it re-organises its operations.
Another 310 posts are to be outsourced.
The jobs being cut locally are said to be internal rather than front line staff and the bank says it does not expect any interruptions to customer service on the Island.
The bank declined to put forward a spokesman today, but issued a statement which said that the changes being made will go a long way in making sure they are better placed to meet customers' needs, whilst being able to offer a higher level of banking and advice going forward.
It continued . . . . “These are Group wide changes and do not focus on one specific region or part of the business. We are highly committed to our customers in the Islands and these changes have been carried out to put ourselves on track for future growth, not to limit our geographic footprint. We have not made these decisions lightly and understand the impact they will have on colleagues.”
The Unite union says it will oppose the job losses