Treasury responds to finance sector job losses

The Treasury is promising to renew efforts to support the Isle of Man's financial services industry, after news of further job losses in the banking sector.

Nine posts were closed last week at Credit Suisse in Douglas, as the bank moved its trust accounting activities to Guernsey.

And it's emerged three further jobs are to go at HSBC in the Isle of Man.

A total of 85 posts are understood to have been axed in HSBC's overseas operations, 35 of them in Jersey, according to the Jersey Evening Post.

Treasury member responsible for the finacial sector Alex Downie, MLC, says jobs losses are inevitable as financial institutions slim-down their operations.

But he says the government will continue to seek new employment possibilities across the board: