• Today
    July 12

  • 09:36 PM

Butterfield axes jobs in Bermuda and Cayman Islands


Added 10 September 2019


HAMILTON, Bermuda – The Bermuda-based Butterfield Bank says it is sending home 22 workers at its operations here and in the Cayman Islands as part of a cost-cutting restructuring exercise.

Butterfield, Bermuda’s oldest bank, said the 22 jobs, including 12 here, would be moved to the company’s support services centre in Halifax, Nova Scotia and would affect employees in the bank’s card fraud department, middle office area and call centre.

A bank spokesman said that employees had been given advance notice of their positions being relocated to Canada during the coming months.

He said that Butterfield was working to find alternative roles within the bank for the impacted employees and that all 12 workers being dismissed here are Bermudian.

“Butterfield is one of the island’s largest employers and 93 per cent of Bermuda-based roles are held by Bermudians. Where restructuring is effected, the impact on roles tends to reflect this proportionality,” he said.

Affected employees were told of the redundancies last Thursday.

The spokesman said “Halifax provides us with an in-sourced, cost-effective location in which to consolidate teams that serve our businesses in multiple jurisdictions”.

The redundancies are the second round of job losses at Butterfield’s on-island operations this year.

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. At the same time, Butterfield announced the closure of its Rosebank banking centre and drive-through teller services in Hamilton. (CMC)


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