CITI Moving 100 Jobs Out Of Bermuda

September 29, 2011

[Updated] Approximately 100 jobs will relocated from Bermuda to North America, with one of the island’s international businesses seeking to move staff to consolidate support functions, create operating efficiencies, and reduce overall expenses.

“After due consideration, Citi has decided to relocate some of its functions currently being performed out of its Bermuda office to its Center of Excellence sites in North America. This effort is being undertaken to consolidate Citi’s support functions, reduce overall expenses and create operating efficiencies,” said U.S based CITI spokeperson Nina Das.

It is reported that staff will be offered the chance to relocate to North American offices, or accept severance packages.

This is the second confirmation of large scale job losses today [Sept.29], following this morning’s announcement that Willowbank Hotel will be closing in November, causing 46 people to lose their part/full time jobs.

Other companies to have laid staff off this year include – but is not limited to – HWP [21 people], Bacardi [13 people], Aircraft Services Bermuda Ltd [35 people], Butterfield Bank [25 people], Conyers, Dill & Pearman [12 people], Appleby [10 people], Allied World [15 people], Bermuda Press [15 people], and the ACE Group [17 people].

Update 3:47pm: Speaking from her New York office, Ms Nina Das said that CITI was not leaving Bermuda completely. She indicated that CITI would retain a presence in Bermuda but would not say how big. Asked if she knew how many Bermudians were affected, she replied that at this time, she did not know.

Update 5:23pm: Minister of Economy, Trade and Industry Kim Wilson issued a statement in response to Citigroup’s decision as well as the closing of Willowbank Hotel. Her full statement is here.

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Comments (83)

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  1. andre says:


  2. MinorMatters says:

    Misses Paula and Kim, um are you paying attention?

  3. Ha! says:

    Funny enough, this is the exact same thing JP Morgan Hedge Fund Services did almost 2 years ago when they closed their office in Bermuda and moved their operations to their “Centers of Excellence” in the US. They offered all of the expat staff members positions in the US but did not give the Bermudian staff the same consideration. Seems like they are playing from the same handbook.

    • outkasted says:

      If you have not been listening to the news as of late see here:, Trust me america has had theirs now the European coorprations are trying the same Shite!

    • Really? says:

      Why should they give Bermudians jobs in overseas positions. These companies have had to deal with the costant assault by Bermudas government on work permits and term limits. Which has hindered their overall revenue and resulted in them having to take on locals who will most likely not be as educated or experienced for the job. Now they had enough and throw in the towel to go home. And you expect them to drag locals along for the ride. Nope Bermuda had its chance and they blew it. This is going to be a continueing trend watch this space…

      • check again says:


      • Johnny Guard says:

        Question.. How many of the Bermudian employees were admin staff as opposed to qualified professionals???

        If the only Bermudian staff were admin staff why would they even consider moving them overseas???

      • The 411 says:

        You know what is really so funny about this announcement….about two years ago when then Minister responsible for Immigration (Colonel Burch) said something like “We need them to leave so rents can go down and our people can have somewhere to live” – the masses supported this ignorant comment…finally a Minister that understood, right? Now and only now when we have had years of hatred, yes hatred and hostility put on this group by the same people that write here and now its “why did you push them out?” You can’t have it both ways…We now fully recognize the role our expats play and I am just so sorry we have to endure such pain before people woke up…This experience is better than any campaign put on by Bermuda Business to make us realize that “IB is really about all of us” from the guy who installs the aircoditioning unit in his house to the trucker who moves his furniture from one $4000 per month place to the $6000 place on Harrington Sound…I am so sorry that we are feeling this pain…but to a large extent it is of your own doing…every single one of you that laughed and supported Colonels comment…rents are lower now but guess what, we still can’t afford them cuz you have no job…

        • Scott says:

          With all due respect.. it was not the “masses” here supporting the ignorant comment. it was the “masses” that keep certain govt politicians in power (for whatever reason, we’ve heard them all)/.

          From my memory, there has never been a mass of people on bernews supporting expats moving awya to bring down rents… it was more like a handful of staunch govt supporters who are simply very vocal. A few loud people can sound like a very large crowd.

          Simply put, those that were against Burch’s mentality were harshly put down by some as haters (in whatever form). There are certain arguments that cannot be defended… being simply called a hater, racist, capitalist, money lover, etc etc etc are illogical accusations. You cannot defend illogical accusations with logic sadly, as logic only seems to enforce the accusers belief.

          • Scott says:

            Granted, everything else you say is true… but i feel the “masses” were simply a few loud people that overwhelmed everyone else.

      • Richard says:

        So true so true but that how Bermuda let alway bragging about how rich they our and looking down on other island people because they feel they have more monitary wealth let see how it works out with the shoe on the other foot.

    • Mike says:

      From my understanding, the people who will be left are all Bermudian.

      On the matter of JP Morgan of course, they came back into Bermuda of late, buying out the Private Equity side of Schroders.

  4. Chart says:

    We are in deep you know what. I feel really bad for the people who work there.
    If we didn’t already have a billion in debt, we could actually hope to help them.
    What do we do now?

  5. John Does says:

    Nice one government. Your 13 years of service has really benefited Bermuda with you hospitably to international business, as well as your business and financial planning. If you was running a fortune 500 company you would have been fired some time ago, and some of you would be in jail.

    • Chart says:

      If they were running a small business it would be broke. Ooops, make that small country.
      The PLP supporters so passionately want their leaders to have been a success.
      They weren’t.
      Get over it.
      Bermuda won’t recover until you do.

    • I gotta be me says:

      You said it!

    • outkasted says:

      You all are foolss to think this has something to do with the PLP. These companies are readying themselves for another economic collapse. Get ready!

      • Justin says:

        Uhmmm mate,

        Even if you interpret that article to mean Europe is on the verge of collapse, why then did Citigroup continue to have a presence in BDA during the US financial crisis when they were bailed out by the Feds? Stop drinking the kool-aid and admit your government has failed! They blew money on Playboy Mansion parties, TCD buildings, Berkley, cruise ship piers, fast ferries, trips to China and India, Faith Based Tourism, etc… Then they tried to increase payroll tax in a dumb attempt to try to earn more revenue. Yup, that was your then finance minister and now premier. The PLP is filled with a bunch of incompentants. I like the above quote “Vote PLP and go down with the ship”. Bang on!

        • outkasted says:

          Why move when the dust was still settling? Your the one drinking the kool-aid now. These guys are jocking for position they did not know the first one was coming but they know the second one is and they just made their move. Expect others to follow. They are all pulling back the reigns and getting ready. Not all have to leave the island many will remain and soome moving on to greener pastures like Brazil.

          • Justin says:


            If Bob Richards knew the first one was coming I’m sure they did too! The only people who didn’t know what was coming was the PLP and Paula Cox! LOL

            Brazil?! I think you should spend some time researching before you just start blabbering jibberish. Most executives will tell you that Brazil isn’t turning out to be nearly as successful as they thought it would.

            What flavor is the Kool-Aid this month? Cherry- Platinum?! LOL

      • John Does says:

        If the PLP had not wasted every last Bermuda dollar, maybe there would be incentives, stimulus packages, better tax incentives, better financial aid etc. Unfortunately as stated early this money has been wasted on Bunny parties, lots of 1st class tickets and 5 start hotels around the world with no payback. Just think if all the money which was lost of went missing was found and put back into the economy it would go a long way to helping everyone. What is even more scary is that there is no plan to get out of this mess and nobody seems to want to stand up and take responsibility to fixing and admitting what caused the issue, and who’s going to fix it.

        As for that link on BBC, it’s got more to do with Olive Oil than it has to do with Bermuda. Get an education please before you start calling people fools.

  6. Honestly says:

    Will PLP supporters finally admit that PLP totally f*cked this island over.

    The evidence is far too glaring and now we are all going to keep paying for their crazy ways for years to come.

    Please Bermuda – let’s have a change of Gov’t….

  7. bestisland says:

    well at least my rent will become cheaper as the landlords look for new tenants

    • Chart says:

      Your landlord probably has a mortgage. If they lose their house, they may be competing with you for those cheap rents.

      • Really? says:

        Baqnk reposess houses no one to purchase respossed houses. Bermuda turns into a desolate wasteland with 60,000 squatters. YEY!

      • Johnny Guard says:

        That landlord and the bank gambled if they solely depended on the rent to pay that mortgage.

  8. Concerned says:

    Government needs to start listening to business as business (all types, yes even the cleaning and landscaping) are the driving force of any economy. GET RID OF ALL THE RED TAPE. No housing crises now!! Kim Wilson….Get off your high horse!

  9. Really? says:

    The Exodus has begun, good bye Bermuda we once knew

    • Chart says:

      The exodus is actually very well advanced. And a lot of other moves have been planned but not yet made public.
      It’s actually a serious dilemma for PLP. Hold an election now in the midst of this gloom? Or wait … when they know it will get worse and they will have to reveal how bad it is in the budget.
      They are probably better off letting the OBA takeover, as the required remedies will be so painful that they will be very difficult for any political party to make.

      • outkasted says:

        Thank you sir/madam for making sense GEt READY!

      • 5boro says:

        That sounds like the OBAMA agenda.

      • Scott says:

        thats IF you believe they care about remedies.

        i’m not saying the OBA is any different at the moment, but currently i think the PLP just wants to retain power. If they can get those people that are affected by this mess to blame someone other than them, they are golden. Whether its the white party, slavery, global recession, expats, etc etc, if the PLP can convince those who are in hardship times that its got everything to do with someone other than themselves then thats all they care about in my opinion.

        again, thats not to say the OBA is any different. but they are not in govt and do not have the power to change anything.

  10. Dawn de Toilet says:

    Oh my god who is next? I hope the government is watching whats happening with all these companies starting to leave and those that have already left!

    • Chart says:

      Or are they focussed on buying up what’s left, on the cheap?

    • outkasted says:

      Take your head out the sand and get ready get ready

      • Riley B King says:

        Outkasted, you really should trying thinking a bit harder. These jobs have not completely disappeared. Citi is carrying on with its business quite happily. It’s just made a decision to do it in a territory that actually wants it there. Your hyperlink has absolutely nothing to with what’s going on.

        Here is what happened. If you tell people again and again that they are not welcome, they will eventually take the hint.

        • Shaking the Head says:

          Perfectly explained Riley! Outkasted – the jobs are moving overseas, not disappearing. There is a big difference. When the Government starts to downsize, which is when not if, then those are jobs that are lost.

        • Johnny Guard says:

          Funny when I read the RG it said the reason why they are leaving because it was cheaper and operations would run more smoothly.. had nothing to do with the US actually wanting them here.

          Do you how the operations run in Citi? and what exactly the costs are too expensive for them to operate in Bermuda?? Unless you know these facts.. dont assume anything.

          • outkasted says:


          • Scott says:

            “cheaper and operations would run more smoothly..”

            lol not “bang” as outkasted says..

            more like this is exactly what people are talking about..

            cheaper??? well the taxes and rising inflation/healtcare costs made bermuda far more expensive than it used to be.. when it easily trumped the US

            run more smoothly? well… less red tape. no need for work permits..term limits on good personnel, having to train bermudians (whether that actually got passed or not, its still in their minds)… racial statistics on workers… quotas on bermudian vs expat workers (regardless of qualifications)..

            pretty much what the RG supposedly mentioned is simply nice words for exatly what Riley said.

          • Rick Rock says:

            Johnny, Moving a 100-man business from one country to another is very expensive. They must have REALLY wanted to leave.

            You know, in most territories, having a large company come and set up in your city is viewed as very desirable. It creates economic activity. Not just the people directly employed, but all the ancillary staff, and the indirect boost to the economy by the money spent by the employees. It’s why businesses are actively encouraged almost everywhere (except here).

            In the meantime, here we are, with people leaving by the thousand, and you want some sort of written evidence of why they are leaving. Beyond ridiculous, really.

      • Honestly says:

        Stop posting that link – yes we all read the news….

  11. trees says:

    When the PLP inherited the reins Bermuda was strong economically. Many warned that in time the PLP would undo this prosperity. It’ll take a well run new party a very long time to sort the mess, all the money that’s been frittered away will never be recovered.

  12. Chart says:

    I think that you will find that the economy now has reverted to the level it was before the boom (or worse). The problem is that we are now carrying $1 billion in Government debt … while the public are also holding large debt as they took mortgages to build housing to serve the boom.
    The PLP popped the boom.

  13. Johnny Guard says:

    Untill the head of Citi and other large companies who redomiciled PUBLICLY STATE that term limits and the Bermuda Government’s atitude towards IB were the main reasons why they left,I will be convinced that its Government’s fault. If anyone has a link please post in your reply.

    • outkasted says:

      You are right. Citi is getting ready

      • Concerned says:

        Simply since this Government took office, they did not make it easy at all for IB, which effects us all. Their more concerned about themselves or/and friends and their grass root voters. At this point I will try Mickey Mouse and friends to run our country.

        • Johnny Guard says:


          Until then I dont think Government is soley to blame for companies leaving.. please someone provide me with the information I am requesting and not make opinianted statements based on assumptions.

          • Honestly says:

            You won’t find that because the CEOs would have been chastised by PLP and all the work permits at their company would have been under pressure. They might have even been kicked off the island if they said anything.

            Just ask around and you’ll get the answers you need from a few hundred people.

            • Johnny Guard says:

              My query is directed to the companies who already left Bermuda so the fear of them being chastised does not hold.

              I have asked around actually and the ones I have spoken to, (CEO) have stated that they dont have an issues because the staff members who play an important role in the running of the company are exempt.

              IMO, its owners of medium-sizes non-IB companies who get hurt the most by Bermuda’s Immigration policies.. not IB.

              So I ask, PLEASE QUOTE A CEO OF A IB COMPANY WHO LEFT BERMUDA THAT STATED GOVERNMENT WAS THE REASON WHY THEY LEFT. Why is this hard to find if they already left? Im sure they would have said something to the paper right before they left? non?

              • Scott says:

                none have fully left bermuda. its location is prime. they’ve simply gone from offices of 100 staff to offices of 5 staff. the threat of being kicked out is still there.

                They do not say things in the paper before they leave. When you leave a job, do you go around mouthing off about your past employer? no… it gives you a bad reputation and sours any chance of going back there.

                CEO’s do not go spouting off about why they left. its company knowledge and thats it. if they made it public, either future contracts or competitors would eat the alive for it.

                The sad thing is, you simply want a quote from someone who will never give it to make you think otherwise. Look at what is happening around us. You think companies are leaving bermuda because of a recession that is still pretty much everywhere else? you think that all the comments we’ve heard from IB people about term limits being a problem is just scaremongering?

                whether you think these are true or false, at least take the whole picture into account. Why wait for the word of a few CEO’s who are probably not even allowed to say what you are asking for? Think for yourself. Dont take what the PLP say as gospel. Dont take what OBA say as gospel. Find a middle ground.. and currently, IB companies are leaving.. .and going places where there are equaly as many financial issues, but not as many immigration or xenophobic issues. In fact they have more Tax problems and costs back in the US that then do here.

                So explain why they would want to go? They came here to escape american tax.. and now they high tail it back there? Yet somehow its not govt policy that has affected this?

          • trees says:

            Willis, the world’s third-largest insurance broker, plans to move its global headquarters from Bermuda to the Irish Republic, becoming the latest in a string of multinational companies to leave the low-tax Caribbean island.

            The company said Dublin provided “a more stable environment” and would improve Willis’s ability to “maintain a competitive worldwide effective corporate tax rate”.

            • Johnny Guard says:


              states that
              “Among some of the factors that Willis considered include Ireland’s membership in the European Union, as well as a “long history of international investment and long-established commercial relationships, trade agreements and tax treaties with European Union member states, the United States and other countries around the world where Willis does business.”

              The bulletin also indicated that being domiciled in Ireland would provide a “more stable environment with the financial and legal infrastructure to meet Willis’ needs,” as well as improving “Willis’ ability to maintain a competitive worldwide effective corporate tax rate.” Willis also pointed out that it has been doing business in Ireland since 1903, and has a “wide range of clients” in the country.”

              Im sure they would have stated ‘a more stable political environement’ if it were the case.

          • Justin says:

            You asked for it. Although the link to the RG is no longer working here is a snippet I found. This is as candid an interview as it gets with the CEO of ACE, Evan Greenberg.Enjoy!

            “When you’re an island out in the middle of the North Atlantic, it’s pretty easy to forget that you don’t just live in a world unto yourself. Bermuda should recognise that we [Ace] are competing in a global economy.

            “As a company in a market economy we have to constantly remake ourselves. I wake up every day knowing that we have to be relevant or we disappear. Bermuda needs to be informed and should be informed by the same, in order to remain relevant. You need to be attractive to business and that means you’ve got to be competitive.

            “And generally that involves an enlightened regulatory environment, an infrastructure that is cost-competitive and a bureaucracy that is not overly burdensome. And that it’s clear in the way it’s organised that it wants to attract and retain business, that business is not a source of evil. I’m not sure that message is always clearly understood.

            “There’s a fallacy in looking at a large business and saying, ‘The individual pieces don’t matter, they’re inconsequential’ It’s the sum of the parts that makes the whole.

            “All of the parts have to be well-operating and efficient. And a company of the size and the geographic spread of Ace, has more options, more opportunities to imagine efficiency and cross-competitiveness.

            “When we look at a place of function we’re going to look at flexibility and efficiency – and included in that is cost.

            “I’m mindful that we are a corporate citizen. On the one hand we’re a member of the community and on the other hand we’re a guest. I don’t make the decisions for a country, I don’t make the rules.

            “Governments have to decide, based on their own priorities what those rules should be. Then we, as businesses will decide whether those rules work for us, or not. Business is going to go where the environment is the friendliest and the most predictable.

            “A well educated, motivated, hungry, ambitious workforce is always an attraction to business. The societies that I observe, where business thrives and economies are growing, they are those where there is a premium placed, starting in the family, on education. There is a work ethic, pride, ambition and a level of skill that is admirable. That’s a winning combination.”

        • Shaking the Head says:

          Actually the Mickey Mouse reference is completely the wrong one, as Walt Disney is an exceedingly well run organistaion, but I take your point. To Johnny Guard, may I say businesses are managed to Plans, often 5 or 10 years. They hate uncertainty, and don’t plan a daily plan. The PLP has never had a Plan in the 13 years, and operates on a daily “feed our segment of the voters what they want to hear”. Such parochial thinking does not sit well with IB, and this is a large part of the term limit/attitude problem.

          • Concerned says:

            I stand corrected :) All due respects to Micky.

            I know a few CEO’s and other high members of various organizations and yes they due have problems with government policies and no they will not come out and say it publicly.

            • Johnny Guard says:

              Have they left the island because of it?? Please re-read my request.

              • Shaking the Head says:

                See Concerned’s post above. A CEO who wants to remain a CEO will not publicly state such a thing. Very few companies have left Bermuda completely but have downsized leaving a presence here, so obviously they will want to remain in good stead with Government for any work permits they need here. For those they don’t the jobs are moved elsewhere for cost or efficiency reasons. There is no benefit in publicly saying what matters are said, and decided, in private.

              • Here you go Johnny says:

                The CEO of Allied World reportedly left the island (and took the company with him) because his nanny couldn’t get a work permit renewal. Don’t know if that’s true or not, but it’s the rumor.

                The issue isn’t just companies leaving the island, it’s companies moving jobs elsewhere, slowly, under the radar, where you don’t see it. They create jobs in places like London, Halifax, Dublin, etc, and slowly get rid of people here. Every single big international business here has more than half their people off-island. They have a choice of where to create jobs, and they’re not creating the jobs here. Your insistence on seeing a quotation belies a poor understanding of how business works. You’re whistling past the graveyard.

              • navin johnson says:

                Johnny they do not say it directly but read between the lines dude. When the CEO of Xl left recently he gave a lenghty interview and mentioned that XL is a Global compnay with operations around the world and that he did not have to be here to be involved with the management of the company….When the CEO and 4 other Senior Officers of Allied World left he did not announce it publicly…When Lancashire and Monteplier lost people to the UK they announced it …so it all depends on the company and how it is words their announcements… right thinking Executive is going to say publicly that “We are leaving due to the meddlesome Government and its insistence on telling me how to run my business as I answer to my shareholders” get it….I realize it is desperate times for the Government and its ardent supporters but attack mode is not going to get it done….capish?

  14. Honestly says:

    @Johnny Guard – it really doesn’t matter now. They’ve gone…And so they could care less about the tiny island that got too cocky for it’s own good – they are too busy running the companies they manage and if they did have time on their hands – I doubt they would spent it on writing a quote for a local paper in Bermuda.

    Guess it wasn’t scaremongering afterall.

    This place has such great potential – I think that’s the saddest thing for me.

  15. Googlybda says:

    Wake Up Bermuda!!!!
    It saddens me!

  16. Emeka47 says:

    Thats facts!!! THANKS PLP.

  17. Emeka47 says:

    The sad reality of this reduction of workers is ‘loss ‘ of employee tax revenue. This Government continues to conduct business as usual and they can’t do that!! The reduction of social insurance and tax income will affect every person n this country, if not now, then years to come. The loss of income into the Government Accounts will further reduce hardship to those most vulnerable; the poor and elderly…..and now the unemployed. The recent unemployment survey doesn’t give an accurate picture of what is happening in Bermuda for 2011. There has to be at least 3000-4000 people out of work. That means less spending everywhere and no taxes for the Government.

    May I humbly suggest, if the Premier won’t cut staff or reduce the jobs in their workforce, then their 4000+ employee and the MP’s deducted ONE HOUR per month of salary and time. An average of $55 – $85.00 per employee a month will garner $2,640,000 – $4,080,000 annually. Would I give up 1-hour salary to get us out of this debt? Sure I would if, I had a job!

  18. OK….here we go. I will speak slowly for those who have difficulty keeping up. Colonel Burch was a one man wrecking crew in leading to this slow motion dismantling of Bermuda’s international business sector. Did he not think that his xenophobic, anti foreigner, my way or the highway rantings went unnoticed all those years by IB CEO’s? Term limit policies that slowly and surely killed the Golden Goose, intranscient red tape and general nastiness directed towards job creators has brought us to the decidedly uncomfortable “new normal.” How’s that workin out for ya?!! The Premier needs to follow Cayman’s lead and turn back the term limit policy TOMORROW!!! We may…just may….be able to undo some of the damage that has been done over the last 4 years. If not….there is MORE to come!!! I am begging the policy makers in govt to bite the bullet and do what has to be done asap. Our future and that of our children depends on YOU….for now!!!

  19. Sandgrownan says:

    Note the ex Citi employee on the radio this morning stating that this was a direct result of Bermuda’s approch to expats and IB.

  20. RN says:

    it’s all the PLP’s fault…. they cost the world financial crisis. both financial & job losses to US companies in Bermuda and the US. they caused the EURO issues. you feel better now. oh and by the way the PLP is also responsible for the plight of the Filipinos wanting permanent residence in Hong Kong, you got to be feeling better now.. glad we got that out of the way.

    Now where are the new ideas… what is the Bermuda’s solution for a future Bermuda, give all the foreign worker here status, as a result of no term limited, is open boarders the answer..should we invite the Filipinos living in HK to live here, no term limited, no work permit……should we throw out our moral believes and invite anyone with money regardless how and where they acquired it.

    Just like the government is responsible for ensuring a friendly business environment, that can grow, it is just as responsible for ensuring the quality of life for it’s people. and sometimes one must recognize when a good thing is coming to an end…Bermuda needs a new economic pillar that creates jobs for Bermudaian in Bermuda.

    NB be afraid…. not with what IB is willing to tell the OBA, and not the PLP, be afraid of the OBA answers.. no regulation, status to all, buy as much land as like..bring in as many people as you like we will give than a better life than any Bermudina,…. and all of the other unknown promises

    • Sandgrownan says:

      What’s the alternative numbnuts?

      • RN says:

        @Sandgrownan you seen to think you know it all lest have something different for you…you know what they say about people doing the saying this over and over hoping for I know you the rest….. idiot

        • Sandgrownan says:

          Your comment is poorly written and as such, completely untelligable.

          • RN says:

            Please accept my apology. I should not have started a conversation with you…I am breaking my own cardinal rule..not to communicate with fools…

  21. Meh says:

    Repeal the term limit policy.

    Reduce the payroll increases from last year.

    Offer INCENTIVES for companies to stay. Reduced payroll tax, reduced BMA fees, fast tracked work permits. How about zero payroll tax for 2 years on any new employee hired?

    Remove the barriers these companies have with maintaining and growing their businesses here.

  22. navin johnson says:

    To Johnny Guard and Outkasted I am no sure why you find it difficult to believe that companies could leave Bermuda…Take ACE for example when they announced their decision to go to Switzerland what was the Government response “who is this guy Greenburg and what does he know” lets insult one of the biggest employers on the island …Willis move did not cause any job losses as their footprint here is not that big…Allied World was related to permit issues, school system and the desire of some to get back to the real world.. This Government caused this meltdown which is akin to Bermudas version of the subprime crises…if you wanted to partner with IB do not suddenly raise taxes without consultation…that is not a partner. Because of the fear of retribution the heads of IB companies merely execute their business plan and keep their mouths shut as they still have business here and intend to have it in the future albeit not to the level it has been in the past but still here.. If the Bermuda Government was a private business they would have reduced the bloated civil service a long time fact they would not have made it bloated in the first place….13 years ago they took possesion of a Golden Goose and they have abused it and lost it all thru arrogance , greed and stupidity so Johnny and Outkast you better get real as Sven is taking a powder and he aint coming back….and he is not taking you with him…….