Gladys Posted April 7, 2009 Share Posted April 7, 2009 You're such a nasty, uninformed, ignorant twat. Specifically what money laundering? It was decisively proven last week that our standards are on par with the UK which means your talking completely through your arsehole. The UK is hardly a shining example. Plenty of tax avoidance managed from the Island as reported recently in the press. Managed from the island following a scheme devised by some expert in the UK, most likely!!! Its all very circular. I fell very sorry for those that have lost jobs and hope they find alternative employment soon. However, this is another outcome of the contraction of the fund management business; I heard tell of another reasonable large player in the field laying off quite a number of people some weeks ago. That was not reported anywhere. Link to comment Share on other sites More sharing options...
bluemonday Posted April 7, 2009 Share Posted April 7, 2009 Abbey next? http://www.iomtoday.co.im/news/No-comment-...y-on.5148474.jp Link to comment Share on other sites More sharing options...
GD4ELI Posted April 7, 2009 Author Share Posted April 7, 2009 Abbey next?http://www.iomtoday.co.im/news/No-comment-...y-on.5148474.jp Very probably - any buyer will take the clients and some key staff, consolidate and then boot the rest out. Glad I don't work for a bank at the moment Link to comment Share on other sites More sharing options...
GD4ELI Posted April 7, 2009 Author Share Posted April 7, 2009 Glad I don't work for a bank at the moment http://news.bbc.co.uk/2/hi/uk_news/scotland/7987659.stm "The Royal Bank of Scotland is to shed a further 9,000 jobs, half of them in the UK." If the jungle drums are right there could be a big hit on the Island. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted April 7, 2009 Share Posted April 7, 2009 Jebus - it's beginning to look like a rout. Link to comment Share on other sites More sharing options...
P.K. Posted April 7, 2009 Share Posted April 7, 2009 Let's hope not. Being on anything but "The White List" would have been an unmitigated disaster. So hopefully what is being seen is just a general "re-alignment" to the new business realities and not anything worse. Because the last thing investors want to see is financial institutions abandoning the jurisdiction where their wedge is stashed. Link to comment Share on other sites More sharing options...
theambo Posted April 7, 2009 Share Posted April 7, 2009 The Article on the BBC Website states that many of the jobs are to go in the Operations centres. I'm pretty sure Howard Pearson House off Victoria Road is the offshore operations hub. Doesnt bode well. Link to comment Share on other sites More sharing options...
GD4ELI Posted April 7, 2009 Author Share Posted April 7, 2009 Let's hope not. Being on anything but "The White List" would have been an unmitigated disaster. So hopefully what is being seen is just a general "re-alignment" to the new business realities and not anything worse. Because the last thing investors want to see is financial institutions abandoning the jurisdiction where their wedge is stashed. I agree that's it's a realignment to today's reality. If only 50% of operations jobs in offshore finance go then the island will get off lightly. Link to comment Share on other sites More sharing options...
GD4ELI Posted April 7, 2009 Author Share Posted April 7, 2009 Let's hope not. Being on anything but "The White List" would have been an unmitigated disaster. So hopefully what is being seen is just a general "re-alignment" to the new business realities and not anything worse. Because the last thing investors want to see is financial institutions abandoning the jurisdiction where their wedge is stashed. I agree that's it's a realignment to today's reality. If only 50% of operations jobs in offshore finance go then the island will get off lightly. Given what's what and the fact that RBS is controlled by the UK government I expect the whole IOM operation to close over the next two years Link to comment Share on other sites More sharing options...
Lee54 Posted April 7, 2009 Share Posted April 7, 2009 The Article on the BBC Website states that many of the jobs are to go in the Operations centres. I'm pretty sure Howard Pearson House off Victoria Road is the offshore operations hub. Doesnt bode well. My sister in law was offered redundancy from there a couple of weeks ago, long service with the Bank so she will be OK other long service staff were also told at the same time. And a nephew ho is with another bank Lloyds TSB has been asked to transfer to the Channel Islands or the Cayman Link to comment Share on other sites More sharing options...
Miss Marple Posted April 7, 2009 Share Posted April 7, 2009 when you say the whole IOM Operation will close in 2 years - do you just mean the operational side of the business or that RBS will remove itself completely from the Island - due to pressure from the UK government majority shareholding ? RBS International (the part of RBS which is based in IOM, Jersey, Guernsey and Gibraltar), which lets not forget includes IOM Bank, recorded record profits for y/e 2008 - I understand it was almost 30% up on the previous year, albeit that these profits were swallowed up by losses elsewhere within RBS Group. Surely the UK Government if it is wanting return on its massive investment will be keeping the parts of the business that are profitable? Or will it see that RBS Group saved themselves £70m in UK tax by having these businesses offshore and call it all in under one roof, in order for the UK to receive all the tax revenue due from the group. At the end of the day whichever decision is made be it by the bank or the UK Government people here in the IOM will lose their jobs and whilst in days gone by we saw FSFO painted all over the Island, we now have to admit that we can't afford to lose them all as we havent got the hotels or the amenities to fall back into Tourism. It may well be that some of you are reading this article smuggly thinking I dont work in a bank, so I am ok - but the loss of jobs just from this sector will have an impact wherever you work, as the amount of cash in the pocket is lessened the spending stops which then starts closing more shops and restaurants, and lets not even think about the falling house prices ! Link to comment Share on other sites More sharing options...
macmannin Posted April 7, 2009 Share Posted April 7, 2009 Lets do think of the falling house prices,been overpriced for way too long. Link to comment Share on other sites More sharing options...
keyboarder Posted April 7, 2009 Share Posted April 7, 2009 Yes, there could be bargains to be had from desperate vendors. Link to comment Share on other sites More sharing options...
Dave Hedgehog Posted April 7, 2009 Share Posted April 7, 2009 Will we have any banks left to get mortgages from though or should we set up a 'Savings & Loan' like the one in It's a Wonderful Life Link to comment Share on other sites More sharing options...
Pollsterblue Posted April 7, 2009 Share Posted April 7, 2009 "Lets do think of the falling house prices,been overpriced for way too long." Maybe, but they'd have to drop a heck of a lot if the only jobs on the IOM were fishing and farming. Link to comment Share on other sites More sharing options...
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