But politicians and industry specialists say the downturn is a direct result of global market trends affecting many other finance centres.
They predict that firms are now in much better shape to take advantage of an upturn next year.The Jersey figures over a seven-year period show a steep rise from 1996 to 2000 – when profits peaked at £1.2 billion – followed by a five per cent drop in 2001 and a further four per cent decline last year, to £1.08bn.
