UK-scale job cuts: ‘Not here’

Tuesday 13th May 2008, 3:00PM BST.

BANKS in Jersey say that Island-based branches are unlikely to see the scale of job cuts emerging in the City of London in the wake of the credit crisis.

Nevertheless, cost-cutting measures are likely to have some impact on firms based here.

Martin Fricker, recently elected president of the Jersey Bankers’ Association and managing director of Lloyds TSB in the Channel Islands, said: ‘I don’t think it will have an impact on us here.

‘Our primary business is providing services to people who are not living in their home country. We have not been involved in investing in sub-prime mortgage markets.

‘In any difficult period banks are a little more concerned, but most organisations here are big enough to weather difficult times. Most of us have been around for a few years and remember previous stock market crashes.’

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