Jobs to go at HSBC
Tuesday 7th April 2009, 3:01PM BST.
SIXTEEN staff are to lose their jobs at HSBC in Jersey.
The bank has announced that the redundancies will be made in its asset management division.
The staff work at the bank’s offshore headquarters on the Esplanade in business development, marketing and product management.
Jersey has fared better than the other Crown dependencies. In Guernsey it is thought that 52 positions will go and in the Isle of Man, 107.
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This is a lesson not to rely on bank assurances.
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You can’t blame the banks ; they were misled by our politicians who assured us that the credit crunch would not impact on Jersey. “We will not enter into a recession.” I do not blame the Chief Minister and our Treasury Minister for the credit crunch and the recession; I blame them for painting everything quite rosy whilst many were already feeling the pinch anyway.
And to those who keep saying : “How could he have known? They weren’t to know the market would crash.” Then why did they refuse to listen to all those who have been shouting it from the rooftops for a long time. And many ordinary people – who do not claim to be economists, but who feel they are sinking more and more by the day – feel they have been slipping away into recession fro quite some time already. But they were not listened to – as a matter of fact, even now, they are not being listened to.
It’s the incompetence – or the voluntary blindness – that is really scary !
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This will be a very good start to weeding out the J cat’s that help to push up the property prices and take jobs that locals could do and would do, if the banks took them on.
If you look at UK websites for jobs in Jersey, you’ll see quite a few that NEVER make it into the windows of the local agencies or the JEP.
Am I wrong? sadly no.
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Cyd Cynical,
I am assuming you have never been in a position where you needed to recruit ‘J’ cat quality people. I have & if I could find them in Jersey I would gladly do so – much easier & far cheaper. The long and the short of it is that very few exist.
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Aren’t these J cats supposed to train locals before they return to the UK?
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Simon – having worked in finance for most of my life I am well aware that there is a mental block amongst many of the large banks and the civil service itself regarding local people and promoting them to top positions.
How are local people supposed to reach the top of their professions if they are not given the opportunities to do so and they are not trained to take over top positions? I have seen J cats recruited over local people who even ran small local branches of these same banks for years and these excellent calibre locals pushed to the sidelines.
It is a fact that mainland banks like to move their staff around the various branches and as local people obviously find this difficult and sometimes impossible, they are simply cast aside. It’s nothing to do with calibre, it’s to do with bank practice and mindset and unfortunately the civil service is very similar – for some reason UK experience always outdoes local experience – totally illogical since it takes the UK recruit quite some time to learn how Jersey works.
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