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Another blow to the island’s banking sector as 21 more jobs are shed

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The island’s banking sector has been hit by another blow.

More than 20 jobs are to go at Santander’s banking centre in Douglas.

The company says it’s cutting staff numbers from 53 to 32 in the year ahead.

Last year the firm’s office in Prospect Hill moved from being a wholly-owned subsidiary of Santander UK to a branch in its own right - when it was rebranded to Santander.

A statement from the firm says fewer staff will be needed after the introduction of a new IT system for business customers.

Staff will be offered redeployment or relocation but redundancies are not ruled out.

Managing director of Santander Isle of Man John Pearson said: ‘Santander is committed to having a sustainable retail and wealth focussed business on the Isle of Man and is committed to having a presence here.’

The financial services sector is expected to shrink, the government said in its Vision 2020 launch.

The news comes after Britannia announced it was going to leave the island and Lloyds announced cuts too.

 

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