Eleven jobs are expected to be lost as a result of a restructuring at Equiom Trust Company Limited, in Victoria Street, Douglas.

Managing director Sheila Dean says it's due to changes to the fiduciary business sector, announced in the 2008 United Kingdom budget, but she is also blaming the 'credit crunch' and 'recent turmoil in the financial services industry'.

In a statement she says the company is being restructured to ensure it is well placed to meet the challenges ahead, but redundancies will be necessary.

However, it's possible the figure might be reduced by an ongoing consultation process.

Ms Dean says Equiom continues to have a substantial presence in the corporate service provider industry in the Isle of Man, and the restructuring will enable the company to maintain its competativeness in the international market.