No clear forecast on bank job losses

Wednesday 13th May 2009, 2:59PM BST.

Treasury Minister Philip Ozouf

TREASURY Department forecasts for the number of bank jobs that will be lost during the recession came under the microscope this week.

Estimates that up to half of Jersey’s 3,500 bank workers could soon be out of work were raised, but Treasury Minister Philip Ozouf told the Corporate Services Scrutiny panel on Monday that there was no ‘central’ forecast.

And he said that although some jobs would be lost, he would do everything he could to keep them here.

The panel, led by Senator Sarah Ferguson, said that senior banker Hans Baerlocher of UBS had told them that between 40-50 per cent of bank workers – specifically those working in banking, rather than funds or trusts – could lose their jobs.

1
Pip Clement

May 13, 2009 at 4:11 pm

Does anyone else get the feeling that despite all the expensive advisers and consultants that they employ the CoM are really just whistling in the dark and have not got a clue what is going to happen in the next two years, let alone five years hence.
It puts the ridiculous and expensive fantasy that was Imagine Jersey 2035 into perspective!

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2
Mogit

May 13, 2009 at 7:18 pm

Wel if there is no work for them to do, because we have all put our money elsewhere, then they could well be at risk, am I bothered – No!!!

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3
phil

May 13, 2009 at 8:15 pm

‘Imagine’ Jersey 2035.
Was this just wishful thinking?
The clue is in the title!
Unfortunately the harsh reality on the ground is not so fanciful.

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4
BS Deluxe

May 13, 2009 at 9:00 pm

We all know how good the estimates given by politicians, advisors and consultants have been of late!

Pure scaremongering……50% of the banking workforce??? Get a grip!

And why “specifically those working in banking, rather than funds or trusts – could lose their jobs”?.

There are plenty of funds collapsing in the wake of the Credit Crunch, Madoff fraud & similar other frauds etc, etc.

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5
Jacqueline

May 13, 2009 at 9:34 pm

Imagine Jersey 2035. Our politicans should imagine Jersey in the next five years.

I imagine the following, more and more people in debt due to unemployment and the goverment still squeezing more and more taxes out of those that are still in employment.

More of the population leaving Jersey to the U.K. or beyond.
House prices at long last will drop even futher from the over inflated prices we have seen due to greed, but still unaffordable for the ordinary working people.

Plus the ever increasing utility prices especially the goverment who are the major share holders.

Agriculture/ Tourism practically lost and now Finance heading along the same route.

This is just the imagination of a ordinary Jersey Lady. 2009. Consultancy free of charge.

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6
Old Geezer

May 14, 2009 at 5:47 am

Scaremonger headline – there will be more job losses bit it won’t be anywhere near this figure. Banks have trimmed the fat and more will follow but a bank couldn’t function with 50% less employees.

Think about it if it could it would already have cut back many of these posts. Typically non profit making areas are cut facilities/back office etc and those areas that can be run from the UK marketing etc, but core business aras must remain and someone has to process the day to day.

I predict 10% further cuts at most and then it will level out.

Now if we were talking about states jobs it would be different, ask the question.

Q – how many people work in the states?
A – about half of them, sack the other half, simple.

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7
Ideal world

May 14, 2009 at 1:17 pm

And Mr Ozouf’s 5 years of dreams of a financial mini London and his seat lording over it as First Minister come ‘a tumbling down!

Like none of us seen this coming. His plans of over reliance on the financial sector and lip service during his time as ED minister on supporting SMB local business’s in the island? Where’s the financial support from tourism and agriculture that the states relied on when times were bad in finance before? Non existant – who has been in charge of these states dept’s in the past – o let me guess!!!

The bigger plan for someone’s career dreams did’t work did they?

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