Cannan Responds to Bank Cuts

Treasury Minister Alf Cannan has responded to the mass wave of redundancies announced at Lloyds this morning, which will see up to 25% of their staff on the Isle of Man being made redundant.

While these redundancies affect c120 of its c400 employees on the island, Lloyds Bank International says it remains fully committed to the island.

Mr Cannan said: ‘Lloyds Bank have a strong and extensive relationship with the island, are valued partners in community banking services to many on the Isle of Man and this is clearly sad news for those directly affected. The government, together with Ministers, have been in dialogue with the Group ahead of the announcement so that we could understand the changes and move to support them wherever possible. 

‘Whilst any decision that leads to job reductions is never welcome news, we recognise this is a group wide decision and is not a reflection on the island. It perhaps reflects the challenges that the banking sector has been experiencing globally. 

‘The island’s financial services sector remains key to our economy and despite trends in digitisation and consolidation, has consistently highlighted the shortage of skills before the pandemic and ongoing throughout last year. 

 ‘We understand that these redundancies will be made in a phased approach, and Isle of Man Treasury, through the Employment and Skills team, are committed to assisting any individual in seeking alternative employment across our extensive financial services, digital and broader economy.

 ‘I am pleased to hear that there will be no immediate customer impact to services as a result of these changes and also welcome the broader investment the Group has been making into the Isle of Man through the new building and associated investment. It is important to note that the Group will continue to be a substantial employer, and are committed in the long term to our island.’