Butterfield Bank: 25 Employees Made Redundant
Butterfield Bank has confirmed that 25 staff members were made redundant today [Mar.30], with the Bank saying it was due to “internal reorganization.”
A spokesperson said, “Butterfield confirms that 25 employees in Bermuda were advised today that their positions were made redundant as a consequence of internal reorganization. Roles in several departments were affected. Customer services will not be impacted by the changes announced today.”
In November 2010, Butterfield Bank confirmed that some staff members have been given reduced working hours, which they say was “part of an ongoing focus on expense management.”
Last month the bank announced a loss for the full year ended 31 December 2010 of $207.6 million. The previous year [2009] they lost $213.4 million loss, and in March 2010 received a $550 million capital infusion from investors including The Carlyle Group, Canadian Imperial Bank of Commerce [CIBC], Wellcome Trust, The Bermuda Government Pension Funds, Goshen Investments, LLC and self made billionaire Julian Robertson.
The company is the latest in a line of firms that have encountered staff layoffs, reduced hours or pay freezes. Conyers, Dill & Pearman laid off approximately a dozen people and Appleby made approximately ten staff redundant. BELCO said in order to “delay immediate workforce redundancies”, they implemented a salary freeze, while Saltus Grammar School said they would make eight staff members redundant as they are “experiencing declining enrollment as the local and international business communities respond to the global economic recession.”
Furniture Flair Ltd, which is under new ownership said “necessitated by a shrinking market, the take-over and reorganization requires several staff to be made redundant.” Insurer Allied World also reduced staff, with estimates that approximately 15 people were made redundant, while Bermuda Press also laid off 15 employees from their commercial print division. In October 2010, the ACE Group confirmed they will be eliminating 17 employment positions between May and September of 2011. Earlier last year, Bermuda Telephone Company [BTC] announced plans to cut approximately 25 jobs, and Holmes Williams and Purvey [HWP] closed a department, resulting in approximately a dozen job losses.
Adding those up (including the 25 Btc jobs) I’m getting over 120 jobs lost. And this is just the big companies, not all the jobs that are going one by one from smaller firms, or the posts that are not being filled when someone leaves.
This is just the first round of future redundancies to come. Hold tight.
yes that’s right! the real Taxes are starting to emerge now. we were told in the Budget address that cellphone tax had to be increased because it has “been some time”. it was raised by $2.00, then while the public’s guard is down she slapped the Restaurant License by over 100%. Cunning! True Colors are starting to emerge. Head in the sand, and a Cog? I think not.
This bank in my opinion is worthless..I only hope that these workers were duly compensated…Many years ago I was denied a loan for a bike even though I had more money in my savings a/c there than I was asking for,so yes I,m biased against this crappy institution…
Maybe you have bad credit….
Why would you want to borrow money if you had enough in your savings account?
Economics 101;Borrowing money has a way of establishing credit,In case you don’t know..@Jerry ditto..I was 19yrs old..
NTB – stands for Not Too Bright. Crappy place for sure. Bank stuck in the Dark ages. Not surprised at all. (Yes I did work there once).
I worked their too. TOO BAD every X employee has not so good things to say about them. LOL. The clicks inside the bank sucked.
“Their” shows possession. You should have typed “there”. No wonder you’re an ex-employee. You can’t even compose a proper sentence. SMH…
thanks for spell checking, but the bank is mainly mathematical. FYI THIS IS JUST A COMMENT, NOT MY JOB CAREER OR LIFE, A SIMPLE COMMENT.
because where you now work has no clicks at all!!!!!! right Bermudians are “clicky” by nature so don’t even go there
With such losses and infusions – Where is the money going? Money Does Not Dissappear
Dumb comment
@ Joe – Can You Answer It? Doubt It
The money goes to the balance sheet to increase the capital ratios that were weakened because they were holding those worthless assets (subprime crap most likely). The bank writes off these losses and uses the bond income (the cash was not a gift) to shore up the balance sheet. BTW the Bermuda Government did not give them a penny, they acted as guarantor to the bonds for which they got several million dollars in fees, of course. Not that I necessarily approve of the whole deal, but that’s what happened.
I Knew You didn’t Know. Money is “Man Made” mate and it’s value is actually 0. The value comes from people’s limited understanding of it.
So, its a game! Well then, money does has value because we give it value. The actual paper is of no value. Coinage has real value because we covet the mineral. So money is a barter tool that makes it easy for us to barter around the world for things we need and want. It is more uniform than, say, shells. So, it really does have value if people are willing to take it in exchange for something.
Ah, money is moved in binary codes now. Welcome to the 21st century where we are digital. So what is the “value” now?
@Jus’ asking – Joe is giving you a lesson in economics and finance. So if you really wanted to debate with him about it you need to take his points and rebut them. As an economist myself he is providing all the answers as if he was reading them from a text book! So you should now quit while your ahead and start debating with someone else.
@ In General as Economist you were taught from text books. Jus’ Askin’ obviously knows more than what is taught in school. You really should pay attention.
What lesson has “Joe” given me? Not debating, Stating Facts. As an economist your knowledge seems to be limited, just like Joe’s. Sorry I don’t live in “Text Book World” I live in the Real World.
@ Jus’ Askin: That’s actually a good question…but money does disappear in that it is simply taken out of circulation. This global crisis wasn’t an accident, it was planned; and after the system is re-structured, the financial system of the world will be in private hands and centrally managed. The middle class will be eliminated and the population will be re-classified into just two (2) classes – the rich and the serfs (that’s us) It’s happening right in front of our noses right here in Bermuda. The government signs financial agreements with foreign nations at the behest of organizations like the IMF or the UN. It’s not too hard to see that we’re well on our way to a globalized economy, where no nation will truly be sovereign. The model will be a fascist economy were private individuals will control the means of production from behind the scenes, and the government (who work for them) will pretend to control how much is produced and who produces it. Just watch what happens in the U.S. and then compare with events happening here – same, same with only minor differences in some respects. It will happen, despite the naysayers (the ones who know what I’m talking about and who police forums like this to do damage control)…just observe and make notes.
Sovereign nations arent a good thing. They breed people like the Nazis and the Neo-concervatives.
Geza, the neo-cons are the very ones who are trying to disolve sovereign
nations…and they will succeed.
Careful friend, the general populace is blind to this sort of thing and refuse to believe that anyone would want to rule the world behind the faceless mask of big corporations. Novus Ordo Seclorum…. its gonna be here faster than you think. Their plan is already in the works. I mean, after all… the governments of the world have our best interests at heard right? Right?
Do you not feel we need Order in this New World we are in today? Life tis but a game.
Not at the expense of free will.
@ Conspiracy Theorist: And what a shame…just reading some of the
comments on this stream is clear enough indication that the
establishment have people going in all different directions…
while they continue with the job of ‘looking out for our best interest’.
im with u on that one jim…i had 2 credit cards each with a 5grand limit from them…i got rid of 1 card and asked to have the other card brought up to the 10grand and they declined to even give me an increase….smh…their loss…hsbc now services all of my banking needs
yeah but could this have been because your payment history on one or both of your cards were less than credible!!!!! having a high limit and your payment and money management history are two different things entirely
By the time they approved us for a mortgage, we had been living in our new house for 3 months already. Dark ages for sure . HSBC signed sealed and turning our key !!!
They’ll be quick to take your key from you as soon as you start missing payemnts because you lost your job, too. Hong Kong Shanghai Banking Centre won’t be seeing my money.
Well actually as long as there is one stream of income we’ll be okay there.We made sure not to hang our hat were it was impossible to reach…In addition it was important to have a income bearing apt. Very affordable for the average single person..
Gosh, lets try putting our own selfish motives aside and think on the big picture here. Our economy is tanking and there appears to be no turn-around on the horizon. Your job next, perhaps?
Now That was a “Dumb Comment” Joe LOL
no…..
BTW Patrice is hot.
I am afraid to say I think JOE is only thinking inside the BOX.
He is completely missing the whole picture.
Bermuda is not the center of the universe, sorry there is more to this world. (Not saying it isn’t, Because it is of course)
Are people in Bermuda NOT watching the GLOBAL news? (BBC CNN) Economic Communities like UK (EU, France etc.) are facing EXTREME SPENDING PUBLIC SECTOR CUTS & MASSIVE JOBS LOSS in the private & public sector….
Highest unemployment in 15 years….
This lack of economic growth is a result of something MUCH bigger than the PLP.
I don’t blame them for the state of the economy because in comparison to UK & Portugal, Bermuda is truly another world!
Most Countries are facing an ‘Economy Shrinkage’ its worldwide. aka Global Recession (New World Order)(Maybe)
It really is NOT any better outside the pink shores of Bermuda.
So I do not understand why Bermudians continue to point fingers and blame the lack of growth. When clearly who we ‘so call’ think is in charge (PLP) is really NOT.
Bermuda offshore tax haven – international business ‘runs us’
Be grateful, for what we have, I know I am!
Bank of Blunderfield…..smh! Sahame about the people being layed off.
and yet we keep allowing these and all other companies to bring in foreigners …..i dont get it
@ shawn – ain’t dat hard to understand bra…..work for less, don’t care what der hours are as long as they get paid (if they do), live wherever, basically do what jobs us bermudians don’t want and WON’T ever do for CHEAPER! der u go
There was a time when Butterfield was making records profits, hand over fist, ever year. Greed was good back then. Well karma is a b!tch. And Butterfield is reaping what they sowed. Investments in subprime, acquistions that didn’t live up to expectations. I wouldn’t be surpised if there was some creative accounting back in the good ol days. It wouldn’t surpise me if they were hunting for a buyer as I type this.
Too bad empolyees have to suffer the consequences. I do hope they tried to retain as many Bermudians as possible.
And your all being hood/winked. Look at the makeup of Mr.Butterfields Bank. Uou’ll get it. Right up your ass, soon to come. Edited. (sorry can’t mention the Bank Of E.B.Butterfield)
It was bound to happen. I also used to work there. They lost all that money investing overseas. Shows you what happens when you put too many closed-minded bermudians in an institution. The clicks in the bank allowed unintelligent people to be put in leadership positions due to seniority. Then they have a flawed manager training program that allows college students right out of school to be managers of departments after a period of just 1-2 years, instead of finding a medium between the two. A well established worker in the job with intelligence. Doesn’t have to be long standing or a college student. but one that has the correct qualities. I watched a person who couldn’t even do my easy job properly put above me just to mess up even more…(nuff said) Close-Minded people are not good Global investors.
You’re getting confused. HSBC promotes Mgmt Trainees straight to manager after the 18 – 24 mth period. At BNTB after the Management Trainee Program, you are not immediately made a manager. Some are IF they were at the Bank before they entered the program. There’s a lot more to it, but those are the basics…nuff said.
Bank of Butterfield is my Bank. Jobs are being lost everywhere not just there. Things will eventually improve. We have to stop dragging each other through the mud because of the problems that Bermuda is now going through.
WEll then ,,B.O.Bs your UNCLE..Do dig your Spikes in an go for what you know.
The management team is truly lost and promoted way beyond their level of competency. Thank Goodness I sold my shares. this team is hopeless, from the Board right through to the EVP’s and SVP ‘s. They should have made some of them redundant and saved the people who actually sit at their desk and do some work, while earning substantially less than the executives in the ivory tower.
They forgot the raft of redundancies from AIG (Chartis) last in IT. Didn’t make the news, but it happened.
Its amazing how Bank of Butterfield’s lay offs make headlines. Another bank have been laying off employees ever since it bought out. They are making more than enough profit but yet they’ve let go more employees than butterfield. Since another bank took over they’ve let go more that 400 employees. Why haven’t they made headlines yet i dont know. People we are being fooled, our best bet was to put all of our money in Bank of Butterfield when we had the chance cause another bank dont care about this economy all they worrying about is there bottom line and sending all our money overseas. The worse is yet to come.
You got a point there, when I go in HSBC I fall asleep waiting for service cuz it ain’t never anybody at the counter, when I go into Butterfield I’m in and out in a jiffy cuz they have girls at every counter. Because of this, I do my banking at Butterfield. Not just because of the expedience, but because they choose to keep Bermudians employed. (That would be the St.Georges branch)
I would say at every location for Butterfield. I have accounts at both – and choose to do the majority of banking at butterfield as they have lower fees, and better customer service.
Since the Govt bows to HSBC why don’t they get cog in the wheel to fire the failures at NTB …………….read the comments above so much to learn from, sending kids with tattoos to run departments, fire the human resources gurus who thought up that nonsense. Govt workers and Ministers should stick to Govt, not be in a bank, I weep for my fellow Bermys who have been used whilst the jokers still keep work round NTB on $200,000+ a year. Anyway, I kept my job today so I don’t care about who’s getting what, I just wish I didn’t have to keep doing a second job these executives wouldn’t even give us some overtime bie!
You have executive that spend alot of the banks time on government boards. They are being paid to do government’s business. As a former shareholder, that used to irritate me. No dividends, yet the executive are taking high salaries to work for government. Check your list of Government boards. You will see my point. Really poor management practices there. Management trainee programmes are good, but you can over promote, and promote too soon if you do not manage it well. Pretty much like many of the Executive, over promoted and prematurely promoted.
What do Tattoos have to do with anything? Some of the smartest people I know (that could probably run curcles around most people mentally as they are ecominic geniuses and Computer geniuses) have tattoos. That was a narrow minded comment. Just because you have a tattoo does not mean you’re stupid. However, I will agree that they most of the people sporting tattoos in that bank are as dumb as a bag of hammers and it’s a new fashion statement in Bermuda and they only have them to fit in. They are for show, thus being on their necks and chest areas and Mean nothing to them because their lives and lively hood mean nothing. It’s a fashion statement to them. All of the people I know with any brains that have tattoos, inclusing myself, have them hidden so that no one at theirs jobs can see them, so that we are not judged by people like you. They mean something to us and represent our lives and are an artform for us and always have been (i have mine for almost 20 years) Base your opinion on actually ability and not looks thank you! And don’t all tattooed people are the same!
By the by, to those commenting about the ecomony and job losses, Bermuda is still behind and has loads of heart ache coming down the pipe. The Government,banking and insurance institutions played a big part in this Globally. However, Bermuda government could have put a stop to it here (or at least minimilized it), if they were intelligent enough to figure it out and had economists to tell them what was actually going on. Bermuda could have been better prepared. All of the banking institutions and more did the same thing world wide almost and Bermuda banks were and are a part of it, as they have partnerships! And so were some of our international insurers. We need them to provide jobs for us here in Bermuda and many jobs were lost because of this. And the banks have shed jobs also. This is bigger then we can all imagine and our Government has contributed. Insteead of forward planning and seeing what was coming down the pipe line, they didn’t care enough and continued to spend! I would suggest renting the movie “Inside Job”. It’s explains alot in layman terms and might help understand what has happened and is happening globally. Unfortunately, their is no layman term explanation for what our government is doing to us.
“had economists to tell them what was actually going on.” The funny part is they did…………….
LOL
Yes they did, but their credibility is at question now isn’t it? Just like all of the economists involved in governments around the world that have contributed to this. They are all on boards and have made laods of money and stand to make more……sigh, it’s exhausting when you think about it and how deep it goes.
Personally I was talking about Craig Simons. (can’t remeber if it was 2 m) Anyway I did not know his crediblity was in question this is news to me.
LOL
Give the bank an SDO to put 100 condos on top of 65 front street, then they can collect some rent mate, anything is better than another year of losses any my shares at $1.20…………..how much money do the former executives get in pension and goodbye compensation? Cancel those payments to cut costs, cancel bonuses, cancel any salary over $168,000 at the bank as right about now all they are doing is running up debt and losses like our MPs. How did this happen
If you sell your shares, you crystalize your losses. Buy more shares since they are so cheap. calculate how many shares you have to buy to get back to the break even point. When the stock moves to 2.40, you will have doubled your money.
What that bank needs is more talent. You won’t attract the kind of talent you need buy paying executives peanuts. Calm down and think rationally about how you, as a shareholder, can make this into a win. With a little research and patience, you can make a little cash. Then you can love the bank again
.
Are you freakin Serious…” You won’t attract the kind of talent you need buy paying executives peanuts”
What needs to happen is that the execs need to learn how to work with less!!!! instead of getting paid an annual salary of $168,000 try (at first) $130,000 then go down to $100,000 then go down some more at $90,000!!!! These execs have no concern or regard for the people below them getting paid less then them!!! If they really cared about the betterment of their bank they would make the personal cuts needed to help cusion the brunt of the ressesion!!!
I have to agree with a statement made early in the comments “Where is the money going? Money Does Not Dissappear” BNTB has been given a so called bail out and they have proven to still be incapable of proper and responsible money business…yes they may be a “Bermuda” bank, but I say shut them down and move over for another Bermudian Banker!!! I wanna know where their bail out money went to, cause it doesn’t look like they used it fo rthe reasons stated they needed it!!!!!!!
They were never given any money. There was no bailout.
The Bank issued preference shares i/a/o $200mn. The Govt of BDA smply guaranteed these securities. The only way that the money will be disbursed from the Govt to the Bank is in the event that the Bank is unable to cover their payment obligations to the pref. share holders. Thus no money has ever changed hands from the Govt to BNTB and more than likely it never will. The losses reported stem from past investments purchased under the reign of the former executives who have since “retired.”
On top of that the BDA Govt makes a percentage annually from their guarantee. Thus they are actually making $$$ off of the deal.
This was not a bailout. The Govt forgiving the BIU for their multi-million dollar Berkeley performance bond and the pushing through of an SDO in order for TPC to try and get out of the red are bailouts.
Well, I hate to bring in a political slant to all this but it was the PLP Government which opened up the market and allowed the sale of BofB to HSBC against, as I recall, considerable opposition. Butterfields has now followed, removing ownership and therefore a large degree of control from our financial sector. Another short term policy decision which ignored or misunderstood the implications of its longer tail. In other words, short-sighted policy making.
Joe what do you mean removing ownership? to date Butterfield Bank is a Bermuda bank owned by Bermudians.
Butterfield Bank is no longer majority owned by Bermudians. It is owned/controlled by the Cargil (not sure if that spelling is correct) syndicate and CIBC. The “old” Bank of Butterfield collapsed. Today the “new” Bank is different with a new Executive.
You are miss informed while they do have a large chunk of shares they do not hold the majority and so Butterfield remains a bermuda bank
You are miss informed. The syndicate controls a majority of the PERIOD. Bermudian shareholders own less than 50% of the voting rights. This is why in the last AGM the syndicate got everything they wanted. The old Bermuda owned BNTB no longer exists.
“Permit me to issue and control the money of the nation and I care not who makes it’s law” – quote by one of the original players in this money game.
@ Jus’ Askin’ and Lifeblood – So happy not everyone is sleeping
HSBC let go so many people , but yet I never saw it hit the news EVERY single time, but it should have! I know of one situation whereas this particular dept. was snowed under with work, ppl not taking lunch breaks and staying late. This one day SECURITY rolls up at her cubicle with the boss telling her its her last day. like wth!! That Loyal Employee was treated like crap ! So every time HSBC even threatens to let go more ppl-I WANNA KNOW ABOUT IT !! BUT I STILL SEE HSBC SPONSORING THIS AND THAT -SLAP IN THE FLIPPIN FACE !!
Why have some of the old Board Members and Senior Bank Staff (VP, SVP and EVP) been retained, isnt it time to move away from past friendships and culture to profitability.
Re:comments above, tell me it ain’t so, Board and Staff on Govt Boards, shouldn’t they be busy finding a way to stop declaring losses each quarter?………sad sad Sad!
It’s true. Check the Bermuda Sun Gazette. One EVP in particular is everywhere (on Government Boards) but at their desk. Been doing it for years and getting away with it. But, this person wouldn’t know the difference between a profit and a loss if their life depended on it.
So let me understand as I have read all the posts above, Bermudians have abandoned the old, supposedly evil and dispicable 40 Thieves and pale Oligarchy for a situation where local assets are given away, under the slogan, Moving Bermuda Forward. Fast forward the progress since 1998 and the countrys oldest & once most respected Bank now has the following:
i) Board members and senior staff who spend lots of time on govt boards while neglecting their search for shareholder value and the need to maintain Bermudian jobs……….oh and staff with 2, 3 and 4 other jobs, maybe this is why they can never deposit money in the right account, too tired from the other outside joobs they got see
ii) a policy of social over promotion, even the tatoo clad manager trainees with much bling now have much responsibility and titles in the Bank, all for show of course as they are too busy in BBs to figure out what profit means
iii) Losses every quarter
I may not be a board member, MP, MP JP, Senator, or member of the new Darker benevolent Oligarchy but when will someone somwhere who is getting paid taxpayer money do their job, remember the taxpayer now subsidises di bank as well see!
….. Dear Mr Tired of nonsense………….you should stop the nonsense, you are clearly working at bank or in govt as at this rate of poor performance and management how on earth will the bank repay even $20,000,000 of the $200,000,000+ of preference shares, let alone all 100% of the investors capitals………you sound like a good listener, keep listening to what you are being told by these peoples.
Listen to this, the Govt Guarantee of $200,000,000 which is a protection if the Bank fails to repay investors, WILL BE CALLED UPON when the preference shares mature…..you can go and organise a march on Front St when the Govt Guarantee is called to repay investors and avoid default.
I don’t work at the Bank nor for Govt.
I just have a better understanding than most when it comes to these types of situations.
What makes you think they will default?
The Govt did the right thing by providing the guarantee.
How many thousands of Bermudian families and businesses maintain deposits at BNTB?
Would you rather have had the Bank fail completely? You do realize there is no deposit insurance currently in BDA and/or a central bank (i.e. lender of last resort)?
Now that I have read the newspapers and Bernews, had a coffee and sandwich I will go and do some work, keep buying our shares see.
LOL. See you on break.
No Joe,
lets wait till lunchtime we can share a gyro down in HO-B at di cafe, for my break um going M3 to get my BB Torch repaired, the battery keeps going dead when I send a lot of BBMs even when I dont make calls
Why hasn’t the redundancies at Marsh last week not hit the press!
Speaking for us, as no one told us. Each item we print must be predicated by someone telling us – and then we have to get it officially confirmed, which can be another hurdle all within itself at times. Will look into it now that we are been told…so thanks.
There are dozens of redundacies being conducted on a weekly basis throughout Bermuda. And not just in the financial arena either.
These firms are not required to inform the press.
Ask HSBC how many employees they acquired when they bought out Bank of Bermuda. Then ask them what is the size of their workforce now within Bermuda. Then try and remember how many press releases you saw announcing these actions. It will surprise you.
You people truly amaze me. If it rains on your picnic its the Government’s fault. This has nothing to do with the Government. The Government is a dopey spectator in all this. For their $200m guarantee they got Belmont/Newstead’s plug pulled and now 25 more unemployed. Butterfield is NOT a local bank. The Canadian group that owns it specializes in exactly what they’re doing now: returning local banks to profitability by whatever means necessary. These decisions are being made in Toronto and Bermuda is a column on the balance sheet to them. Butterfield Bank in the Bahamas lent that Government money and yet the Bermuda branch is showing losses. The mess was created by some local boys overplaying their hand in a market everyone knew was dodgy. The Board, the Executive management team and the shareholders are responsible for this and not the Government. We regulate here with a “soft touch”. Leave the Government out of it and train your fire where it belongs.
Saying it again, Butterfield is still a Bermuda bank and not owned by any one else
NTB was bailed out (bought) by that Canadian lot. So it is NOT owned by Bermudians. You may as well stop wondering I guess.
Bermudian shareholders lost millions. IT IS NO LONGER A BERMUDIAN OWNED BANK!!
Doesn’t matter since it will go under in the next year or so anyway.
As an employee i know that the bank is still a Bermuda bank. there is a big differance between buying shares of a bank and buying out a bank
Ask yourslef who would get the money if the bank was sold. Then you’ll know if it is a Bermuda bank. I guess you know the answer now.
Considering that 60% (roughly not sure the true figure) are in the hands of locals, i have to say the bank is Bermudian.
More than 50% of the share are owned by non-Bermudians.
….so Hmmmmmmmmmmm, as part of the terms of the $200m guarantee, why didnt the Government make sure that ALL the “local boys and girls overplaying their hand in a market everyone knew was dodgy” GOT FIRED? Why havent all the previous failed Board and Exec management team been removed, too many of them still around drawing big pay on my taxpayer guarantee….surely this will allow the Canadian Bank to return NTB to profitability, new CEO should get rid of “local boys and girls” so they can go sit on some boards, maybe thatway the local boys and girls in waiting with ability can get opportunity next go round.
Because my Government can talk tough to the taxi driver but is a mouse in the boardroom. Simple.
Qualities of a people’s Government talk down to the works and listen to the foreign board members my how thing have changed……………….
LOL
OMG the people that post on these articles are 90% crazy.
and 10% are clueless which are you……………………………
LOL
@ r u serious…today was an outright SLAPPING MATCH !!! they’ll go home,take their pressure pill , watch some Y&R and chill … then tomorrow morning -back to the playground for some more slapping !!
For all of those assuming…..Those jon cuts had nothing to do with the Bank restructuring and was Simply an opportunity for BNTB to get rid of staff for either personal reasons, employess sickness, lateness etc. If you don’t believe me ask Bermuda Immigration Butterfield Bank is still bring in work permit holders right up until this week. 3 foreign executives and it will continue. They are not looking out for the Bermudian worker at all.