Santander Private Bank is planning to cut 34 jobs in Jersey, reducing the bank’s current local workforce from 102 to 68.
The bank said that the staff has been notified, and changes to the way it operates will be made over the next few months.
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This move will result in few redundancies, but some staff will be supported in finding new roles within a new structure at the bank.
Santander Private Banking managing director James Pountney said: "There is never a good time to announce changes such as this and we are acutely aware of the uncertainty staff are facing.
"We have consulted with Advance Union and want to be clear and transparent to employees, and support them through this transition.
"Santander is committed to having a sustainable business in Jersey, and the transformation we have undertaken will allow us to best position the business to meet future changes and challenges, and have a presence on the island that we can build and grow."
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