LLOYDS Banking group hopes to keep job losses to fewer than 10 following its announcement it is going to withdraw from the offshore bond market by closing Clerical Medical International to new business.
The change will come into effect on March 30.
A company spokesman said: ‘The business remains committed to supporting our existing customers with the same high level that has been CMI’s trademark.
‘We will therefore retain a significant Isle of Man business to support and manage all existing business.
‘Of the 160 roles based in the Isle of Man, 24 will be impacted by this decision however the anticipated job losses given normal levels of colleague turnover will be restricted to less than 10.’
He added: ‘Whilst CMI has historically been a leading player in offshore bonds, we have recently seen falls in new business levels as a result of intense competition.
‘We have carefully considered our position in this market and concluded that we should focus on other core business areas.’
All affected employees were briefed today (Tuesday).
Lloyds Banking Group says it will continue to retain a significant presence in the Isle of Man with more than 750 employees.