Credit Suisse's Guernsey offices.
AROUND 80 jobs are under threat at Credit Suisse after the company announced it was to sell its fund administration business.
In a statement issued yesterday afternoon by its London office, Credit Suisse insisted the rest of its Guernsey operation was unaffected by the sale.
The decision to sell its local fund administration arm follows a continuing review of global strategy and follows a similar vein to Aberdeen Asset Management’s purchase of part of Credit Suisse’s global investors business last year.
‘In line with the bank’s strategy of focusing on its core asset-management business, Credit Suisse has announced an intention to sell its fund administration capabilities in Guernsey,’ said a spokesman. ‘Fund administration is not a core activity for Credit Suisse’s asset management business, which focuses on investment performance.
‘Credit Suisse is committed to Guernsey. Our banking and trust businesses are not impacted by this announcement.’
- Read the full story in the Guernsey Press. See below for subscription details.
Article posted on 16th January, 2010 - 2.30pm
19 Article Comments
Arnald must be wetting his pants with excitement … unless he works there of course
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I’m sure Arnald thinks all the staff perform jobs that are not socially useful and therefore must be glad of this situation.
Obviously he’s not able to see the cost to the island in terms of reduced tax take and social security contributions, plus greater strain on the social security service…..
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Surely not, even Arnald wouldn’t rejoice in others’ misfortune.
Would he?
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A bit of unfair Arnald bashing going on here.
Arnald may have very entrenched views on Guernsey’s position in world finance, but to accuse him of being excited, or glad, at other peoples potential misfortune is a bit of a low blow.
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He’s very conspicuous by his absence……..
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Well said The Man.
It is possible to oppose a system but bear no ill will to those individuals who work within it.
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Arnald would normally have leapt in with both barrels by now.
Hopefully it’s just a case that he is away on holiday and nothing more serious
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Perhaps his employer has curtailed his activity……..
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Are you implying that you are the grass, Phil?
Now there would be a surprise.
If I were you I’d get back to covering up all those technical breaches in your operation before the IMF come calling.
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Arnald
Once again your assumptions are incorrect (both of them).
So are you pleased about the Credit Suisse situation then?
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Arnald
Good to see you’re back.
As for the grass,have you considered the guy/gal sitting at the next desk in your office ?
They would be well aware of the hours of work time you were spending on this and I presume other blogs
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Phil
I suggest if you don’t want to be accused of being snide, that you desist obsessing about my personal life. Guernsey is Orwellian enough as it is without unintelligent posts about my movements and putting words in my mouth.
Ray
Give it a rest. You’ve got no idea. Stick to your highly unamusing one liners. They’re more your level.
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Phil/ Ray
If you want to have a debate with Arnald regarding the potential closure and the economic reasons/ implications of said closure, by all means start a debate.
But can we leave the playground antics to one side please??
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The Man ( or should it be the self appointed moderator ?)
Thanks for the advice but haven’t you noticed how impossible it is to have a meaningful debate with Arnold who is so entrenched in his dogma that no matter what sensible arguments are put to him by the people he persistently slanders from a position of anonymity he merely repeats the same old same old ad nauseam.
No comment from Arnold of course about the hours of work time he ( used to ) spend on his claptrap
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Ray
Not trying to moderate (but if someone wants to offer me the job!).
I have had my run in’s with Arnald also, but all the more reason to just ignore him and not poke the bear, because you’ll just get even more wound up with whatever he replies with.
Wow, I’m becoming life coach as well as moderator, hark at me!!
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The Man
Yes, you’re right of course.
Note to myself .. stop shooting from the hip.
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Arnald
You’re unusually quiet about the facts of this matter, although you still manage to waffle off subject as per normal.
So what do you actually think? Do these potential job losses bother you at all? Would you be happy to see more people made redundant in the finance industry, bearing in mind there’s precious little else by way of alternative employment?
As for obsessing about your personal life, don’t flatter yourself old chap!! You’ve already stated yourself several times that you don’t really have one, which truth be told are some of your more believable posts!
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This is very worrying. Credit Suisse are a large company and have been in Guernsey for many years. If they are shutting down a whole section of their business the island needs to know why.
I have heard a rumour (quite unsubstantiated) that these large finance companies are picking Guernsey for staffing cuts as the island doesn’t have any protection for workers re: redundancy packages etc. I wonder if this has anything to do with it.
If staff are being cut in the finance sector then i would hope that housing and the SSD are ensuring that locals are not being made redundant while licence holders are being kept here. We need to look after our infrastructure and that means providing jobs for locals before we look afar for staff.
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Though I have my own opinions about the finance industry, as I appreciate we all have (yes, even Arnald), I find it interesting that the mere chance that this this event could offer an opportunity for the ‘anti finance camp’ (as I seem to recall it’s been named) to offer any sort of opinion, is hastily met with the ‘pro finance group’ leaping in to denigrate his comments down before he’s actually made any, let alone waiting to see if perhaps he has anything valid to say – that being subjective, and the opinion thereof perhaps being influenced by which ‘camp’ one sits in…
..it somewhat reminds me of Rome’s reaction to the Da Vinci Code, ‘we know it’s all rubbish, but we’ll dedicate anything and everything we can to prove that’….
Well, just to give all the pro finance camp pepes an actual opinion to gang up on, here you go…. I would love to see our island with a scaled down, well regulated, flourishing finance industry, alongside other industries which could offer the islands residents a varied choice of equally ‘interesting’ careers (tho I appreciate that none will be considered as worthy and fulfilling as making oneself and rich people richer by doing recs / admin 8 hours a day) and subsequently, the return to values for our future generations which extend (sadly, hard to imagine for the many who are so entrenched that they cannot see the wood for the trees…or the coast for Admiral Park) beyond money, money, and money.
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