Adam & Company is to close its doors in Manchester in November, ending a 19-year presence in the city.
It is a move that leaves the office’s eight-strong team, which includes branch head David Taylor, facing the prospect of redundancy if they do not accept roles offered in sister private bank Coutts or parent group RBS.
A spokesperson said there were no redundancies anticipated in Coutts’ Manchester office, which has 30 staff.
He poured cold water on speculation that the office closure signals the start of an official integration between Adam & Company and Coutts.
He also added there are no plans to drop the Adam & Company brand.
‘The banks operate along close but distinct lines and will continue to operate as the two separate legal entities that they are now,’ he said.
Both businesses have been moved into RBS’s Commercial and Private Banking division, while the part state-owned bank is set to offload the Coutts International business after a major strategic overhaul.
Adam, led by Graham Storrie (pictured) anticipates that most clients from its Manchester office will move over to its London hub.
Manchester services around 250-300 clients and client communications and migrations will happen over the coming months.
The move has been motivated by clients increasingly turning to digital channels rather than visiting the office in person. Adam & Company closed its banking counter in Manchester last year for this reason.