RBSI job losses no surprise, says Chief Minister

RBSI, Victoria Street, Douglas

RBSI, Victoria Street, Douglas

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The loss of nine jobs at RBS International in the island should come as no surprise, says Chief Minister Allan Bell.

‘It’s simply a reflection of the times we are living rather than any downturn in the Isle of Man banking system,’ he insisted. ‘The loss of any jobs is disappointing but we have to keep it in context. We have to recognise that all banks, and particularly RBSI, have gone through a major period of restructuring. The Isle of Man is the least affected jurisdiction in terms of jobs losses.’

News that RBSI was shedding nine jobs in island came hot on the heels of the announcement that leading finance company Kleinwort Benson is pulling out with 12 staff affected.

But Mr Bell insisted there was ‘no indication at all’ this was going to lead to any diminution of the Manx finance industry: ‘This is exactly what we expected with the changing nature of international banking.’

He said he hoped the nine staff would be redeployed. And he understood that 30 new jobs were expected to be created elsewhere in the finance sector.

Meanwhile, Mr Bell has welcomed finding of a report comparing economic performance among island jurisdictions worldwide. Island Monitor, compiled by Island Analysis, ranks the Isle of Man in second place behind Bermuda for GDP per capital, while our unemployment level is the second lowest.

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