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Resilience of finance sector will continue to be tested

Friday, 27 April 2012

Chief Minister Allan Bell MHK says the resilience of the Island’s finance sector will continue to be tested as banks realign their business models in line with a changing environment.

Mr Bell was responding to this week’s news that HSBC was scaling back its operations in the Channel Islands and Isle of Man. Up to 90 jobs are being cut in Jersey, while about 10 positions will be affected across the Isle of Man and Guernsey. It is expected that the number of potential redundancies at the Isle of Man branch of HSBC will be offset by the creation of several new posts.

The Chief Minister said:

‘The world has changed dramatically since the credit crunch in 2008 and we are continuing to feel the repercussions as financial institutions restructure their operations. The changes announced by HSBC are not totally unexpected, and on this occasion the Isle of Man has been only marginally affected. I am encouraged by the comments made by Nick Winsor, HSBC’s Chief Executive Officer for the Channel Islands and Isle of Man, who said the company remains committed to the Isle of Man. HSBC is a major employer in the Island and an important part of a financial services industry that remains the cornerstone of our economy. This latest news does, however, demonstrate once again that the Isle of Man is not immune from the fallout of the international downturn. We must continue to work hard to promote further economic growth and diversification to ensure a sustainable future for the Island and solid employment opportunities for our people.’

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