The announcement by Jyske Bank of its decision to sell its operations in Gibraltar is regrettable and the GSD hopes that both Jyske Bank and Government will do all that they can to facilitate a purchase and protect the 100 members of staff and their families.
Damon Bossino said: “A decision like this will cause understandable anxiety to staff and their families. I verymuch hope that the Bank will have their interests foremost in their minds so that there is an easy transition to a new employer as quickly and seamlessly as possible. We call on the Bank to ensure that the employees are protected or compensated so as to assist with that move or any search for alternative employment that may become necessary. It is also important that employees and their representatives be fully consulted onthese developments.”
Although the Government claim that this is indicative of consolidation in the banking sector, it is in fact the first openly admitted decision linked to the consequences of Brexit. The impact on financial services and the City of London of Brexit have been widely reported and will also affect Gibraltar. Whereas some decisions are out of our control we need to ensure that existing operations in Banking, Insurance and other sectors such as Gaming are encouraged to remain in Gibraltar.