Isle of Man News - POSTED Tue 04-02-2014

More job losses in banking industry

by Joanne Clague

More job losses in banking industry - picture

Twenty one jobs are to go at Santander in the Isle of Man.

Workers have been told that a 'transformation' of the bank's business locally will require less resource, with a reduction in staff numbers from 53 to 32.

Managing director John Pearson said: 'There is never a good time to announce changes such as this and we are acutely aware
of the uncertainty staff are facing. We would thank them for their continued professionalism and co-operation. Santander is committed to having a sustainable retail and wealth focused business on the Isle of Man, and the transformation we have undertaken will allow us to best position the business to meet future changes in the offshore market and have a presence on the Island moving forward.'

The jobs will be phased out over the course of the year. Santander says the decision may lead to a number of redundancies if staff decide not to relocate or redeployment cannot be found.

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