Minister for Trade and Industry David Cretney says he is concerned but not surprised by the news jobs are to go at HSBC in the Isle of Man.
It was confirmed today that 107 people will be made redundant over the next eight months, as the bank consolidates operations in Luxembourg and Ireland.
The posts are to go in the Securities and Asset Management units, between now and early in 2010.
Mr Cretney told Manx Radio it's a worrying trend but an inevitable consequence of what's been going on in the financial world:
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