The Bank of Bermuda has seen its employee numbers fall since announcing its merger with HSBC Plc - but so far it has not had to make any redundancies.

Bank executives, at the time of announcing its $1.3 billion sale to the multinational banking giant last October, said they were gearing up to make "meaningful" job cuts, but hoped to make most through attrition.

In total, the bank said then it may have to reduce its staff by up to 250 jobs in its Bermuda offices over the next three years.

Since October the bank's numbers have fallen by 87 jobs - with its workforce going from 1,183 then to 1,096 this week.

A bank spokeswoman said the decline in bank jobs was the result of natural attrition, with people leaving their posts and the bank not replacing them.