Penn bemoans outsourced financial services jobs

Eighth District Representative Marlon Penn has expressed concern over the shifting of traditional financial services roles to outsourced labour.

During a recent Opposition radio show, Penn highlighted the negative impact of this trend on the local economy, particularly the reduction in employment opportunities for locals who previously held these positions. According to Penn, the now-shrinking middle class in the territory today was built mainly through the Financial Services industry, where many high-paying jobs in the BVI originated.

“A lot of the corporate administrators and those key jobs were held by Virgin Islanders,” Penn said. “And we’re seeing a trend now, where those jobs are being outsourced from the BVI, where persons who had these opportunities now no longer have these opportunities.”

Downsizing

Penn, who worked in the financial services industry for 15 years, noted that these changes have led to a broader issue for the territory. For example, real estate owners in Road Town have seen a decline in demand for commercial space as businesses opt for smaller office setups. The downsizing of local operations has resulted in less revenue for local landlords and fewer job opportunities for Virgin Islanders.