Isle Of Man / Ellan Vannin

Credit Suisse 'played important role' in Isle of Man

Credit Suisse has "played an important role" in the Isle of Man's economic development, says the government.

The department of economic development said it was aware of the proposed scaling down of the bank's fund administration business on the island.

Credit Suisse has confirmed jobs could go from its Isle of Man office as it "realigns resources to growth areas".

A government spokesman said the Swiss bank had played an important role in developing the island's funds sector.

He added: "The support and commitment which the team have provided has been much appreciated".

Economic development minister Allan Bell said he was hopeful the island would be able to retain some sort of link with Credit Suisse.

He added: "We have to be very careful because the Isle of Man has struggled to maintain critical mass in the fund sector industry.

More aggressive

"We have a number of competing jurisdictions which have been more aggressive and more successful in the past, primarily because they have been in the business longer than the Isle of Man".

Credit Suisse has not confirmed how many jobs will be cut in the changes but said: "We continue to be proactive about monitoring the size of our business relative to client opportunities and market conditions.

"This involves realigning resources to growth areas and adjusting capacity to meet client needs and to manage costs across the business".

Two years ago, nine Isle of Man jobs were lost when the company moved some of its operations to Guernsey.

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