Isle of Man News - POSTED Fri 31-01-2014

Upheaval in banking industry

by Joanne Clague

Upheaval in banking industry - picture Chief Minister Allan Bell has responded to the news that 16 jobs have been lost in the Isle of Man as part of massive cuts across the UK by Lloyds Banking Group.
Mr Bell said the news was disappointing but was symptomatic of the restructuring of the sector. Lloyds is shedding 1,080 staff, with another 310 being outsourced. The jobs are across all divisions with major losses in the commercial SME and mid-markets business and wealth's private banking and private clients business.
Mr Bell said: 'It is obviously disappointing to see another haemorrhaging of jobs from the Island but it's what we have warned of for a very long time, that the banking industry in the Isle of Man is restructuring itself. We are seeing a number of the smaller ones closing but the main clearing banks themselves are now in a period of change.
'We have heard of substantial losses across the country in Lloyds. We have also seen Barclays making an announcement this week where in due course they are going to close nearly a quarter of their branches all across the UK so there are big changes afoot. This will continue to impact on the Isle of Man.'
Mr Bell said Lloyds remained a strong presence on the Island, adding: 'It is very sad we have lost 16 jobs but Lloyds has just announced a new apprenticeship scheme. It's the first any bank has announced which will help our young people for the future.'

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