Butterfield announces redundancies

Butterfield Bank Cayman confirmed in a statement on Thursday that ten of its employees, out of a total of 345, have been made redundant.

The affected employees were advised by the bank on 8 December about their redundancies, which take effect immediately.

Butterfield Bank Cayman’s Managing Director Conor O’Dea, confirmed in an interview for the December edition of The Journal that “we are getting to a stage in Cayman where we are ‘overbanked’.

“In absence of growth, everyone is aggressively chasing market share as the economy contracts. The bank’s focus therefore will be on generating steady and growing net income throughout 2011,” he stated.

At the time, he added that while job losses had occurred throughout the financial services industry, Butterfield had not needed “to resort to such lengths to remain competitive”. But he conceded that “the longer the recession continues, the more challenging this becomes for all businesses.”

According to the bank “the prolonged economic situation globally and in the Cayman Islands” contributed to the layoffs, which occurred across five departments within the bank.

Generating earnings has become more challenging for any organisation in the current economic environment, Mr. O’Dea said on Thursday, and businesses from law firms and accountants to banks have to look at their cost base. This includes not only staff but also business premises, technology and many more, he said.

That is a fact of life that applies in Cayman, throughout the Caribbean and globally, Mr. O’Dea said, who feels the bank did well to keep the number of layoffs as low as possible since the crisis.

“We empathise with those employees in this difficult time. Unfortunately no time is a good time for such a thing,” he said.

None of the redundant positions were held by work permit holders. The bank said that all employees concerned “are being treated fairly and with respect” and that Butterfield will “offer support services and counselling, resume-writing guidance and assistance with job placement”.

Butterfield continues to be one of the largest employers in the financial services industry. Only eight per cent of all Butterfield staff are work permit holders.

Butterfield said it remains committed to the Cayman Islands and its community and that there will be no impact to customers as a result of these changes.

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3 COMMENTS

  1. Considering that the lines are 15-20 minutes long at all of the branches it is hard to believe that they have too many workers. If they do the bank is being badly mismanaged. The first order of business should be customer service. That is not the case at Butterfield. When they moved to the new location at Gouvenors Sq they promised that the lines would get shorter. That has not happened.

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  2. Mr.Ezzard Miller,

    Where are the Human shields for the l0 Caymanians made redundant(Fired) from Butterfield Bank? It is Christmas time, they have families, they have no Job, and are you going to allow this to happen and remain quiet?!
    NO EXPATS WERE FIRED! Does this concern You? Or is it OK?
    Will you fight for them as you are the Imperado Project or are they not important?Will you investigate the cause? Surely it could not be the recent robbery.
    Were they North Siders fired or not any West Bayers, What exatly are the demographics of these victims?
    10 Caymanians were fired and No X-PATS!
    Something is wrong here!
    Ezzard will you fight to have revoked the X-pats Work permits who were not fired at CHRISTMAS!
    Why is the L.A. not calling out , and calling in the Butterfield Bank’s President for this unfair and unjust action? He should be called.in for questioning in the L.A. just like the US congress. Yes let him testify before our Legislature, answering the people through them. Also the lawyers who refuse to hire our articled clerks as well! It is time for this kind of abuse to cease against Caymanians.! Not acceptable at all.
    I’m curious to see which one of the MLA’s have the guts to do this or will they allow the don’t care AG to talk them out of it. OR WILL mr.ROLSTON ANGLIN CHAIR THE MEETING AGAIN THAT BASHES HIS OWN SUFFERING PEOPLE calling them "UNEMJPLOYABLE"

    PREMIER MCKEEVA BUSH, YOU FIRST! LEAD THE WAY IN THIS INVESTIGATION!

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  3. Assist with job placement where? Mr. Odia, Businesses in the Cayman Islands do not hire Caymanians! Since only 8% are on work permit, this does not let you off lightly. WHY is it then that none of your claimed 8% x-pats on work permit which could have been made redundant WERE NOT TOUCHED but remained employed?
    INSTEAD YOU CHOSE TO FIRE A WHOPPING 10 CAYMANIANS and NOT ONE X-PAT?!

    Mr. Odia, do you really expect the public to buy your story. Your actions are indeed biased.

    You need to do more explaining and if those positions are now filled with X-pats then you like all the others are abusing your privilege of doing business in the Cayman Islands while LOOKING OUT FOR YOUR OWN X-PAT WORKERS.

    Calling on Mr. Premier Bush to investigate this, correct this and bring satisfaction to our troubled Cayman. We CAN NOT TOLERATE THIS ANYMORE.

    FIREY,

    You see what we are talking about? We are not lying, this abuse of Caymanians being pushed around is real at every level!

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