Butterfield Bank is moving 22 jobs from Bermuda and Cayman to its support centre in Halifax, Nova Scotia, as part of a restructuring exercise to cut costs.
The move affects 10 positions in Cayman and 12 jobs in Bermuda in the bank’s card fraud department, middle office and call centre.
“Halifax provides us with an in-sourced, cost-effective location in which to consolidate teams that serve our businesses in multiple jurisdictions,” the bank said in a statement.
A spokesperson for the bank said the affected employees were informed last Thursday, 5 Sept., that their jobs would be moved in the coming months, “at which point their Bermuda and Cayman-based roles will be redundant”. The bank said it was working on finding alternative roles within the bank for the affected staff members.
Nine of the 10 positions affected in Cayman are held by Caymanians. As one of Cayman’s largest employers, with 94% of local jobs held by Caymanians, the spokesperson said, the impact of any restructuring tends to reflect this proportionality.
It is the second round of job losses this year at the bank in Bermuda. In April, Butterfield made 11 positions redundant and more than 30 accepted early retirement packages, the Bermuda Gazette reported.