The financial industry in Jersey expects to create 700 new jobs over the next three years as business confidence is growing, according to Jersey Finance chief executive, Geoff Cook.
The head of the body representing the industry views come after official figures revealed a £700m drop in the island’s financial sector, as reported by International Investment.
“Matters such as productivity need to be set in context. The reality is that a combination of a waning productivity boom, the after-effects of the worst financial crisis in 300 years, and a digitisation dividend yet to be fully realised, has weighed heavily on western economies,” Cook said local media outlet Jersey Evening Post.
“Despite this, a recent survey of our member firms has seen buoyant levels of business confidence manifested in recruitment intentions that will give rise to a further 700 new jobs over the next three years.”
For the head of Jersey Finance, while statistics are “valuable indicators” it is sometimes important to “lift the bonnet” to see what was really going on.
The industry expects changes in the global economic climate will prompt interest rates to rise, leading to a recovery in the Island’s banking sector. The banking industry in Jersey has been hit by a prolonged period of historically low interest rates that squeezed its profit margins.