Bermuda's Butterfield Bank announces more redundancy plans

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Bermuda's Butterfield Bank announces more redundancy plans

Sunday, October 18, 2020

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HAMILTON, Bermuda (CMC) — The Bermuda-headquartered Butterfield Bank has made approximately 25 staff members redundant on the island because of the economic impact of the coronavirus pandemic which, to date, has killed nine people.

Since the start of the year, this is the third time that Butterfield — Bermuda's oldest bank— has announced it was trimming staff.

A bank spokesman confirmed night that 51 positions have been made redundant globally because of internal restructuring, with “roughly half” of the lost jobs in Bermuda.

Staff were told of the redundancies on Monday of last week and posts in several departments were affected.

It was not immediately known if employees at Butterfield's branches in the Cayman Islands and The Bahamas also lost their jobs.

The bank's operations also include branches in Jersey and Guernsey in the Channel Islands, Switzerland and Singapore.

The spokesman said: “We have been very careful to adjust roles and responsibilities to ensure that our technology, product offerings, and client service will not be negatively impacted by these changes.

“The economic impact of COVID-19 has created a challenging operating environment for Butterfield and all banks.

“We have made structural changes to partially mitigate a decline in the bank's revenue caused by the economic fallout of the pandemic.

“The changes are in addition to a number of other cost-management steps that have already been implemented, including voluntary employee separations, restrictions on business travel, premises consolidation, and limitations on the use of contractors and temps, among other initiatives.”

The spokesman added that the company was “treating impacted employees fairly and with respect” with outplacement support and severance packages that “exceed statutory requirements”.

Last month Butterfield announced it was axing 12 jobs here and 10 at its Cayman branch as a result of cost-cutting restructuring measures.

Butterfield said the 22 jobs would be moved to the company's support services centre in Halifax, Nova Scotia.

In April, 11 people lost their jobs at the bank when their positions in Bermuda were made redundant, and more than 30 accepted early retirement packages.


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