FINANCE sector job losses clearly show the economy is not as strong as it could be, the Guernsey International Business Association has said.

HSBC Securities Services confirmed on Thursday that 40 jobs in its fund administration arm would be cut as it outsourced some back-office functions to Ireland and Luxembourg.

The decision followed news that 19 jobs are to go at Clydesdale Bank International over the course of the next 12 months, the closure of Jessops in the Pollet and uncertainty over the future of HMV and Blockbuster.

‘Self-evidently, the loss of these sorts of operations impacts the job market in a very direct way – it is clearly bad news to be losing jobs in “clumps” like this,’ Giba chairman Dominic Wheatley, pictured, said.

‘Is it a sign of difficult times? Of course it is, job losses are always a sign of an economy not performing as well as it could and are always regrettable.’