This performance reflects and complements the feedback we received from our member firms, who are expressing confidence in the industry and who are witnessing continued growth.
It is worth noting that employment in banking continues its downward trajectory, but only by a modest 1% in 2015. These challenges are not particular to Jersey as banks worldwide have rationalised licenses as a result of the global financial crisis. But Jersey has specialised cross-border banking, wealth management, investment and legal services which helps to increase overall financial flows and allow for the reduction of overall financial risk.
On the other hand, the report reveals that we are seeing impressive growth in the trust and company management and legal sectors, as well as rises in accountancy and fund management.
It must be remembered that 23% of the total workforce is employed in the finance sector providing over 13,000 jobs, reflecting the significant contribution that the industry makes to the local economy.