The chief minister says the resilience of the Island's finance sector will continue to be tested.
His comments come after HSBC this week announced a restructuring of its operations in the Isle of Man and the Channel Islands.
Jersey, the centre of its offshore operations will bear the brunt of job losses, but ten posts in the Isle of Man and Guernsey are facing closure.
HSBC last week announced more than 2,200 posts would close across the UK, in a drive to reduce layers of management and bureaucracy.
Allan Bell says the announcement is no great surprise, given the fact many banks are adjusting their business models:
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