Banking jobs accounted for almost nine out of ten of the losses in Jersey, or 430 out of the total 480 jobs lost, the States of Jersey’s Statistics Unit figures show.
A number of banks closed or down-sized their Jersey operations over the past year, including Kleinwort Benson, which underwent a restructuring as well as a migration of its deposit-taking operation to Guernsey as part of its sale by Commerzbank to Belgium-based RHJ International. As reported, Kleinwort was obliged to make the move because RHJ’s purchase meant it was no longer owned by a “top 500 bank of national or systemic importance” as required by Jersey law.
12,770 in finance sector
The States of Jersey figures show some 12,770 people were employed in the island’s banks, trust companies, accountancies and law firms at the end of June, from 12,880 at the end of the same month in 2009.
More than three quarters of the total financial services industry job losses occurred during the six months to the end of December 2009, the Jersey data reveals.
Jersey’s total employment at the end of June stood at 56,200, essentially the same as it was in 2009 and in mid-2008, which was “the highest [employment] level since at least the mid 1990s”, Jersey said.
Financial and legal activities account remain Jersey’s largest employment sector, accounting for 23% of total employment.
In Guernsey, 21.3% of the population is employed in financial services, which saw jobs fall by 2.2% in the year to the end of June, to a sector total of 6,890, according to the States of Guernsey Policy Council’s quarterly market bulletin. Financial services is by a wide margin the employment category with the most companies – 40 – that employ 51 or more employees on the island.
Total employment on Guernsey was described as little changed at 32,336, or 0.2% below year-earlier levels.
In Jersey, the construction industry recorded the largest employment gains over the 12 months to the end of June, while in Guernsey, the greatest growth came in the water supply, sewerage and waste management area.
