GD4ELI Posted April 6, 2009 Share Posted April 6, 2009 Just heard this now, anyone confirm? Apparently all staff to lose their jobs? I hope i am wrong I expected this for some time as a result of something a friend here in Switzerland told me; there's an even bigger employer in the financial sector I expect to leave before the end of the year. Seems like the party's over. Link to comment Share on other sites More sharing options...
somewhatdamaged Posted April 6, 2009 Share Posted April 6, 2009 Just heard this now, anyone confirm? Apparently all staff to lose their jobs? I hope i am wrong Link to comment Share on other sites More sharing options...
John Wright Posted April 6, 2009 Share Posted April 6, 2009 The banking branches or their trust ciorporation? cannot see a world wide bank not wanting a branch network here but they might relocate their trust department Link to comment Share on other sites More sharing options...
Knoxville Posted April 6, 2009 Share Posted April 6, 2009 Its the Trust department, cant remember who bought it but I know its been sold. The branch is still staying open as far as I am aware, as they've just invested all that money in the new banking hall. Link to comment Share on other sites More sharing options...
slinkydevil Posted April 6, 2009 Share Posted April 6, 2009 Seems like the party's over. Is the party over in Switzerland too? Link to comment Share on other sites More sharing options...
GD4ELI Posted April 6, 2009 Author Share Posted April 6, 2009 Seems like the party's over. Is the party over in Switzerland too? Yes, very much so. Germans are wetting themselves because Switzerland is giving info about tax avoidance to Berlin, UBS' reputation even worse than the UK banks, no-one likes a banker here. Prognosis is 50% of all banking jobs will be lost, and these were the well-paid people who spent it as well. Those who lose their job will probably never work in banking again. The Swiss politicians are annoyed but there's not a lot they can do - there's no big future in tax avoidance any more. Even the IOM comes off better than Switzerland in the international bad-boy reports so well done Alan Bell. Link to comment Share on other sites More sharing options...
Mutley Posted April 6, 2009 Share Posted April 6, 2009 It's the Fund Admin and Trust side - basically the old Bank of Bermuda part. Remainder of it moving to Dublin. Link to comment Share on other sites More sharing options...
slinkydevil Posted April 6, 2009 Share Posted April 6, 2009 It's the Fund Admin and Trust side - basically the old Bank of Bermuda part. Remainder of it moving to Dublin. Is that HSBC Securities? Link to comment Share on other sites More sharing options...
GD4ELI Posted April 6, 2009 Author Share Posted April 6, 2009 It's the Fund Admin and Trust side - basically the old Bank of Bermuda part. Remainder of it moving to Dublin. How many jobs being lost? Effect on the Island is ~ number of jobs lost at HSBC x 2.5 (or so). Link to comment Share on other sites More sharing options...
Albert Tatlock Posted April 6, 2009 Share Posted April 6, 2009 The branch is still staying open as far as I am aware, as they've just invested all that money in the new banking hall. Banks aren't stupid enough to buy buildings - they are usually all rented. I think you'll find a few such buildings are owned and rented out by the same person over here. The finance sector is fickle, it can appear and dissapear where it chooses to. Post credit crunch, G20 and the OECD report into havens etc. I'm sure there will be lots of movements here and there. Maybe possibly even some coming our way - who knows. There are plenty of untapped markets out there too for us, many of which don't require tax agreements. Link to comment Share on other sites More sharing options...
Mutley Posted April 6, 2009 Share Posted April 6, 2009 It's the Fund Admin and Trust side - basically the old Bank of Bermuda part. Remainder of it moving to Dublin. How many jobs being lost? Effect on the Island is ~ number of jobs lost at HSBC x 2.5 (or so). I think it's up to 120 jobs but I can't be sure. I've a friend there who is in tears. Single mom with a mortgage. I'm sure there's plenty in the same boat. Let's see if how the Govt steps up now... Link to comment Share on other sites More sharing options...
slinkydevil Posted April 6, 2009 Share Posted April 6, 2009 Not good - I have a few friends there too. I'm not ringing them on the back of a forum thread though, until I hear something official. Bad news. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted April 6, 2009 Share Posted April 6, 2009 Time to tighten up the work permit legislation now on the finance sector too IMO. Too many people are being affected now. Competition for jobs is getting very tough out there in many areas. It's not just the building and retail people that are finding it tough - whilst a friend of mine found herself up against 25 people for one £6 an hour pub job recently - I heard first hand from a friend that runs an agency here that over 100 people went for a business analyst job recently. There also seems to be a general recruitment freeze in many places. McJobs might be important and they have done some tightening of WP's there - but time to extend it to finance before people start losing homes here. Hope you are reading David Cretney. Link to comment Share on other sites More sharing options...
Slim Posted April 6, 2009 Share Posted April 6, 2009 Not good - I have a few friends there too. I'm not ringing them on the back of a forum thread though, until I hear something official. Bad news. Just had it confirmed independantly from someone there. Hope they get something soon and the pain isn't too bad. Agree with Albert, just had a friend on a work permit had his renewed quite easily, and I was surprised this is still the case. Link to comment Share on other sites More sharing options...
Mutley Posted April 6, 2009 Share Posted April 6, 2009 Time to tighten up the work permit legislation now on the finance sector too IMO. Too many people are being affected now. Competition for jobs is getting very tough out there in many areas. It's not just the building and retail people that are finding it tough - whilst a friend of mine found herself up against 25 people for one £6 an hour pub job recently - I heard first hand from a friend that runs an agency here that over 100 people went for a business analyst job recently. There also seems to be a general recruitment freeze in many places. McJobs might be important and they have done some tightening of WP's there - but time to extend it to finance before people start losing homes here. Hope you are reading David Cretney. Plus it's too cheap to make people redundant here. Statutory redundancy is only 1 week per year of employment capped at £420. So if you worked for a company for 5 years you'd get £2,100. Some companies have their own policy in place of a month or more per year but a lot don't. This means when Head offices are looking round for a cheap way to reduce staff the IOM is a natural first choice. Link to comment Share on other sites More sharing options...
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