All is not well in the Jersey financial sector.

http://www.bbc.co.uk/news/world-europe-jersey-19807490

To what lengths will certain organisations in the Jersey financial sector go, to conceal the reality of their business performance?

No matter what the newspaper articles or the television reports may say, the position of a number of organisations in the financial industry is less than stable. Over the last few months, a significant number of employees in the banking and finance sector have joined the ranks of the unemployed in Jersey. In times of the financial and employment crisis in economies around the globe, this in itself is not particularly surprising. The difference however in the case of Jersey, is that these redundancies are un reported and shrouded in secrecy. In order to avoid a "crisis of confidence" in Jersey Finance companies, employees have accepted redundancy packages for termination of their jobs which has included an additional cash premium in exchange for their solemn agreement to maintain silence on the circumstances and reasons for their leaving. Jersey has long been known for the secretive and dubious workings of the "establishment", and the way in which many ordinary people on the island are reluctant to "rock the boat" of the political and business groups. This however is a new and disturbing development which is not good for Jersey, or in the long run, not good for those organisations trying desperately to keep reality a secret.

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