The Credit Suisse Group is losing 1,250 jobs worldwide

Bob Moore, chairman of the International Bankers Association, said banking operations in Guernsey are important to their parents banks.

The claim follows an announcement by the Credit Suisse Group, which has an office on the island, that it is to lose 1,250 banking jobs worldwide.

It is not yet known whether the Guernsey branch of the group will be affected by any job cuts.

'No single operation'

Bob Moore said banks have an advantage from having many departments.

He said: "If one section of the bank isn't performing well, the loss is usually balanced out in other areas."

"Finance in Guernsey isn't just one single operation. People tend to forget this."

Mr Moore also said the global economic downturn is not as bad as it seems.

He said if employees have any concerns, they should speak to their management.

The Guernsey Chamber of Commerce said: "The world around us is changing at an incredible rate, and we cannot ignore those changes if our businesses are to survive."