Survey of Financial Institutions 2007
This sector covers banks, fund mangers, investment trusts and accountancy. Together, these businesses comprise the largest sector of the Jersey economy. It employs around a quarter of the workforce and makes the greatest contribution to GDP.
The sector is covered in detail via an annual survey, started in 1996. This survey covers profits, staff and expenditure on salaries and other goods and services for 2007.
To view the full report and for further information on Business and Economy Statistics please visit the Statistics Unit website.
Latest News:
The total annual profit of Jersey’s financial services sector in 2007 was 12% higher than in 2006. After adjusting for inflation this represents real term growth of 9% between 2006 and 2007. Estimated total profit for Jersey’s finance sector in 2007 was £1,460 million; banks accounted for more than four-fifths of this total. In 2007 profits for banks rose by 13%, whilst profits for trust and company administrators (including legal firms) and accountants rose by 16% and 17% respectively. Profits for fund managers fell by 9%, the first decrease since 2002. About three-quarters of firms expected profits for 2008 to be higher than in 2007, a similar level of optimism to that expressed in the previous round of this survey. Optimism was high in all sub-sectors, particularly for accountants. Total expenditure on goods and services by the finance sector was £568 million in 2007, over half of which was spent in Jersey. The total number of FTE staff employed in the finance sector in 2007 was 680 higher than in 2006.This was largely driven by an increase of 470 FTEs in the trust and company administration sector. Around two-thirds (65%) of all firms anticipated that staff levels would increase in 2008, with almost three-fifths (58%) of the largest employers anticipating increased staffing.
