Isle of Man News - POSTED Wed 30-07-2014

Another blow for banking industry

by Joanne Clague

Another blow for banking industry - picture

Royal Bank of Scotland International is axing jobs in the Isle of Man, in a move that's been condemned by unions.

It's a further blow for the island's finance sector, following the announcement last week that private bank Kleinwort Benson is closing its island operation.

Employees' union Unite claims 40 jobs will be affected locally. But RBS has said nine workers will lose ther jobs.

Unite said today that since the bank was bailed out by the tax payer in 2008 over 30,000 jobs have gone across the group. Regional officer for the Isle of Man Eric Holmes condemned the latest moves as further weakening the island’s employment opportunities in the finance sector.

He said: 'Added on top of other compulsory redundancies within all sectors across the island, this is a further unnecessary blow to our internal economy, taking people out of a position to contribute to society and putting them at risk of becoming part of the social benefit system.'

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