Job losses at Clerical Medical International

Tue, 07 Feb 2012

Up to ten jobs are set to go as Lloyds Banking Group announces it's going to withdraw from the offshore bonds market.

It's to close Clericial Medical International to new business from the end of March.

The CMI arm of the group employs 160 people on the Island.

24 staff will be affected by the move but the company hopes to keep redundancies in single figures.

Workers were informed today.

The company blames recent falls in new business levels as a result of what it calls intense competition.