Strong outlook for employment and profitability in finance

Monday 01 February 2016

Figures from the latest Jersey Business Tendency Survey provide good cause for optimism in terms of long-term employment opportunities and profitability in Jersey’s finance industry, according to Geoff Cook, CEO, Jersey Finance.

The survey, published last week by the Jersey Statistics Unit and which reflects activity in the final quarter of 2015, shows that finance firms in Jersey are more positive on future employment now than any other time since the survey started, with three-fifths of businesses in the finance sector anticipating employment would increase over the next three months.

Business activity was also strongly positive, up 31% on the previous quarter and returning to a level similar to that seen during the first six months of last year. In addition, the long-term outlook for profits in the industry was very positive, with almost three-quarters of businesses in the sector anticipating that profits in 2016 would be higher than in 2015.

Mr Cook said: “The fact that seven of the indicators in this survey have remained essentially unchanged since the previous quarter and that the overwhelming majority of indicators are positive reflects pleasing levels of both stability and confidence in Jersey’s finance industry.

“There is a very optimistic outlook as far as employment and business activity are concerned, with the legal, fund and accountancy sectors still all positive on long-term employment. It is also pleasing that in the banking sector, which has seen considerable challenges globally, three fifths of Jersey organisations are anticipating no change or an increase in job numbers over the course of the year. The indications are that firms large and small expect to remain busy and this is resulting in long-term positivity surrounding profits for the industry, which is clearly welcome news.”