HSBC Private Bank is eliminating more than 30 roles in Luxembourg in a rationalisation move.

However, the bank is not closing down private banking operations in the Grand Duchy, a spokeswoman stressed.

“We are reshaping our private banking business in Luxembourg,” she said.

“Luxembourg remains an important business for the private bank, where we will continue to offer the same breadth of products and services as we do today and to focus on managing the wealth of our clients.”

The jobs cuts are a result of what is termed a redirection of commercial strategy and the outsourcing of some tasks el...