Financial Institutions 2015 report published

29 June 2016

The Statistics Unit has released the 2015 Survey of Financial Institutions report.

The survey covers banks, fund managers, investment trusts, accountancy and legal firms.

The latest report shows that in 2015:

Gross Value Added (GVA):

Jersey’s finance sector, as measured by total GVA, declined by 1% in real terms in 2015
this latest annual decrease in total GVA was driven by a real-term decline recorded by the banking sub-sector
in contrast, the trust and company administration and legal sub-sectors both recorded real-term increases in GVA
in real terms, total GVA in 2015 was more than £600 million below the previous peak recorded in 2007
total GVA in 2015 was £1.71 billion in current year values

Productivity:

productivity, as measured by total GVA per Full Time Equivalent (FTE) employee, decreased by 3% in real terms in 2015
this latest annual decrease in productivity was driven by a real-term decline in productivity recorded by the banking sub-sector
in contrast, the trust and company administration and legal sub-sectors both recorded increases in productivity

Other measures:

total expenditure on goods and services was £710 million in current year values, a nominal decrease of 4% compared with 2014, with over two-fifths of expenditure spent in Jersey
total expenditure on employment was £780 million in current year values, a nominal increase of 8% compared with 2014
mean employment costs per FTE employee was £65,000 in current year values, a nominal increase of 8% compared with 2014
the mean bonus payment per FTE employee was £5,500 in current year values, a nominal increase of 12% compared with 2014
the number of local staff recruited directly from school and university was 360 FTEs,
the number of local new recruits was 30 lower than in 2014