Some HSBC private trust staff redeployed in Cayman

With regard to the closure of its Private Wealth Solutions department in Cayman, as reported in the Caymanian Compass on 11 November, HSBC issued a press statement clarifying that ‘it is not correct that staff have transferred to other positions with HSBC outside of Cayman’.

‘On the contrary, affected local staff have been given the opportunity to apply for other positions internally within HSBC Cayman. So far, 4 of the affected staff have already been redeployed to other internal positions within HSBC Cayman. HSBC Cayman remains committed to redeploying as many affected staff as possible,’ the statement said.

‘Additionally, we would also like to clarify that the business conducted by our Private Wealth Solutions Department is trust related,’ HSBC said.

‘It has nothing to do with our Premier Banking services or any other banking services offered by HSBC Bank (Cayman) limited.’