Another major employer in the island is to make redundancies.

Corporate services provider Equiom says staff will be ’unavoidably impacted’ as it reviews its global costs.

Equiom joins other major names in the island that have confirmed job cuts including Zurich International, the Stars Group, Old Mutual and RBSI.

The Examiner understands that staff were told last week about the redundancies, believed to be about 15 to 20, with at least some of those affected being out of the job before Christmas. Job losses will not be contained to the island, with losses expected in various locations for the company which has bases in the British Virgin Islands, the USA, Jersey and Guernsey, Scotland, Malta, Monaco, Luxembourg, UAE, Hong Kong, Singapore and New Zealand.

Aidan Davin, chief operating officer of the Equiom Group in the Crown Dependencies said that ’alongside organic and acquisitive growth, operational efficiency is a key strategic pillar of our global business’.

Mr Davin added: ’Following a recent review of our global operating costs, and also in response to wider macro-economic challenges that have put considerable pressure on revenues across our whole sector, we are restructuring our cost base. As a service-based business, our staff are the largest component of those operating costs and therefore will be unavoidably impacted.

’This exercise is being conducted across all jurisdictions where we operate and will enable us to invest in technology and to make additional investment in the personal and professional development of our people in order to deliver the best possible service to our clients.’

The company would not confirm the exact number of losses expected.

Long-term global chief executive and original leader of the management buy-out from Anglo Irish Bank that led to the creation of Equiom in 2006, Sheila Dean, moved to executive chair of the group with effect from November 1.

Mrs Dean’s role change came about after the announcement in May of Equiom’s new private equity partnership with Värde Partners.

A number of companies have announced job losses in the last few weeks including The Stars Group, Old Mutual, RBSI and Zurich.

Earlier this year, we reported that up to 80 staff at Pokerstars/Stars Group could be affected but the company insisted the island remains a ’critical operational hub’.

It was also understood that Zurich International would lose 20 staff, however the company did not use the word when responding to our questions about that.

Around the same time, RBSI announced 19 job losses and there were 14 voluntary redundancies at Old Mutual.

And last month’s job figures showed that unemployment in the island rose by 12 last month to 332, a rise of seven since October 2018.

When previous job cuts were previously announced, Treasury Minister Alfred Cannan said: ’There is no current data to support any view that recent redundancies point to any economic downturn in the Manx economy.’