The Swiss insurance-based financial services provider has undergone substantial restructuring in recent months, with various parts of the business sold off.
The Jersey office in Castle Street is largely a trust operation, but the firm is now moving its support services for Independent Financial Advisors back to the UK.
ersey managing director Alan Tidy said: ‘We have been looking at our business model and we have now been informed that the local distribution service will be closed by the end of the year.
Mr Tidy said the staff affected were trying to find other jobs but would be ‘looked after’ in terms of a redundancy package.
It’s bad timing, but there is never a good time for these things,’ he said.
‘In terms of the product and customers, there will be no change.
It’s just unfortunate that there will not be locally-based people to talk to.
Zurich have a large back office operation in the Isle of Man, employing around 400 staff.
The job cuts in Jersey will bring the total staff in the Island to 12.
1424November2003
