Sustained jobs growth and new record levels of employment in Jersey’s financial services industry is reflective of genuine optimism in Jersey’s future as an evolving and forward-thinking international finance centre, according to Joe Moynihan, CEO, Jersey Finance.
The latest Jersey Labour Market statistics, published today (April 5) 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 last five years, fund administration (up 54%), fund management (21%), accounting and compliance (23%) and trust administration (16%) have all shown strong sustained employment rises.
Joe Moynihan commented: “The fact that we are now at an all-time high in terms of employment across the industry is clearly good news and a real show of confidence from industry in Jersey’s future. The figures reflect an industry that is strong, but that 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 in particular on upskilling in our fund, trust and corporate administration sectors, and we are now 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, and our focus remains on the training and skills required for local people to fill these opportunities.”