It's still unclear how many jobs will be going at Royal Bank of Scotland International's Isle of Man offices, and the Natwest and Isle of Man banks.
But RBSI's chief executive Ian Henderson says it will be a proportion of 68, not 90, as 22 people have already left positions across the group's offshore operations, and won't be replaced.
Mr Henderson remains hopeful the target of 68 can be achieved through voluntary redundancies, but says he can't give any guarantees.
He says the positions affected will be determined by how the business is restructured and warns more job losses could follow.
He told Manx Radio:
"To be totally honest and frank I think there will be a requirement for further changes.
"Today's changes reflect my wealth, and personal and small business banking activities, so on that basis it's the first of a series of changes we have to make, as we get the right structure in place to ensure our longer terms success and survival."
Mr Henderson hopes to have the new structure in place by May 1.
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