The latest figures from the State of Jersey, show that employment in the finance industry has increased by 400 during 2014, including 200 in the final six months of the year.
The figures are included in the Jersey Labour Market statistics published by the States of Jersey, which show that employment is up across all sectors by a total of 1,980 jobs in the year ending December 2014. The numbers working in the finance industry were recorded at 12,770, by far the highest proportion of any sector.
That said, it is a tale of two sides for the finance industry. The increase in employment in the sector was driven by the trust and company administration, and legal sub-sectors. In contrast, the banking sub-sector recorded a fall in employment, to a level around 1,400 below that recorded in 2007 and 2008.
Geoff Cook, CEO, Jersey Finance, commented: “This is further welcome evidence of a more consistent upturn for the finance industry and an indicator of new business being generated which is good news for the economy. While numbers working directly in banking have declined, a trend that has been reflected in western markets generally since the financial crisis, this has been more than balanced locally by the recruitment of additional people in the trust, private wealth and legal sectors."