Treasury Minister Allan Bell says job losses in the Royal Bank of Scotland International Group in the Isle of Man were inevitable, given the parent bank's record losses of over ?20 billion.
Yesterday, chief executive Ian Henderson confirmed a proportion of 68 positions across RBSI, Isle of Man Bank and NatWest would be shed, although he hoped most if not all the redundancies would be voluntary.
Mr Bell is playing down the impact the losses will have on the Island, telling Manx Radio:
"We have got to keep things in proportion.
"It's disappointing, we will lose a few jobs, but bearing in mind we still only have 2.2% unemployed, and some of the banks are still hiring specialist staff, it could have been very much worse, and we need to keep it in the context of that at the moment."
Researching your Manx family history can be a very interesting and rewarding hobby. Trace your roots in the Isle of Man with our helpful of guide.
