The Bank of Bermuda yesterday said it had begun to make some redundancies but so far the cuts have been in its global offices and there had not yet been any jobs axed in Bermuda.

The bank was sold last month to multinational banking giant HSBC Plc. for $1.3 billion. In the run up to the sale the bank said it would have to cut up to 250 jobs over the next three years. The bulk of those may occur in the first year with senior executives having to cut 150 jobs while retaining a significant number of personnel identified as ?key?, if they are to reap a combined bonus of millions.

Yesterday a bank spokesperson told that three managing director positions had so far been redundant.

?There have been two managing director positions that have become redundant - that of Dublin and Guernsey. The managing director of our Cayman office has resigned recently and his position is also becoming redundant.

?As we have previously said, redundancies will be identified as integration and business plans are developed, processes that are still very much underway. ?

The bank said previously that employees in global roles may be the first to go.