Jobs go at Jersey Island trust company

Thirteen jobs are to be cut at the Jersey trust company Hawksford International.
Formerly known as Rathbone Trust International, the firm was bought by its directors last October.
The company, which employs about 140 people, has been restructured as a specialist service for corporate wealth management and private clients.
The redundancies will affect staff in finance, human resources, legal, marketing and compliance departments.
Draft law
A spokesperson for the company said full support would be given to employees during the redundancy process.
Jersey employment law does not currently include compensation for anyone who has been made redundant.
However the Council of Ministers has approved a draft copy of the law which will be debated by the States later this year.
Hawksford said employees who lose their jobs would receive a redundancy package and outplacement support to help find them new positions. (from BBC News)

After speaking to friends over the last few weeks that are involved in the finance industry a couple of truths seem to be forming consistent patterns.

The banks and lending houses are letting staff go, certainly in the mortgage departments and other outer areas. Part of the redundancy package contract makes the ex employee not broadcast the fact. So they slip out of a job silently.

The other is actually to do with bonuses. As the bonus culture has basically been stopped in banks that are owned by large government share, probably as apart of the loan agreement. This has certainly impacted on staff like personal wealth front line staff. A reasonable basic wage, and loads of extra bonus if you made the bank money. Getting home late and starting very early to get to that special result for the bank. Not any more, no bonus , no staying late, .less money and better quality of life.

Its clear that an out of work person will not be paying social etc and those not relying on the big bonus culture will be earning a lot less.

It will take at least a year to feed through to Mr income tax man.


Its ok in Jersey though GST will go up and more people will leave. That’s means GST will keep going up, making Jersey more expensive and less competitive in the real world. Its called the law of diminishing returns.

All because Jerseys Government cannot stop haemorrhaging taxpayers money and protects the bloated expensive public service.

Muppets come to mind !

Boatyboy