Jersey Finance applauds record employment in finance industry

Posted: 08/04/2019

JoeMoynihan_JerseyFinanceSustained jobs growth and record levels of employment in Jersey’s financial services industry reflect an optimism in Jersey’s future as an evolving, forward-thinking international finance centre, according to Joe Moynihan (pictured), Chief Executive of Jersey Finance.

The latest Jersey Labour Market statistics, published last week by the States of Jersey, show that 300 jobs were added in the finance sector in 2018 to reach a new total employment record of 13,760, representing five-year growth of 11%.

The figures are particularly strong for the funds industry, with 110 jobs added in fund administration (up 10%) and 30 jobs in fund management (up 8%) over the year. Accounting and compliance also increased by 70 jobs (6%) and banking by 60 (2%). 

Meanwhile, over the past five years, fund administration (up 54%), fund management (21%), accounting and compliance (23%) and trust administration (16%) have all shown strong sustained employment rises.

Moynihan commented: “The figures reflect an industry that's strong but is also evolving, forward-thinking and focused on sustainable long-term growth.

"Off the back of the financial crisis, we put in place plans to focus on upskilling in our fund, trust and corporate administration sectors, and we're seeing the fruits of that.

“With the finance industry accounting for 26% of Jersey’s private sector jobs but contributing more than half of total taxes for the island, this is good news for the local community too. With firms reporting that they expect to continue to create new employment opportunities over the coming years, predominantly for local people, the indications for the future are positive.”

• To view the latest Jersey Labour Market statistics, click here

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