13 Staff Made Redundant At Capital G Bank

October 11, 2012

Capital G Bank Limited today [Oct 11] confirmed 13 employee redundancies, which they said were as a result of the “identification of recent operational efficiencies and the need to meet the skill sets required in order for the Bank to better achieve success in the future.”

The redundancies consist of 1 international and 12 Bermudian employees and range from a variety of functions within the bank including credit operations, marketing, information technology, product management, human resources and finance. Prior to the job cuts, Capital G employed 215 employees of which more than 80% are Bermudian.

A statement from the Company said: “Capital G has grown significantly in the last few years both organically and by the amalgamation with First Bermuda Group, Kast Investment Management Limited and Orion Investment Management. During that period the Bank successfully integrated nearly all clients and employees into its business.

“Capital G continues to evolve as a financial institution with a particular focus on growing its wealth management and institutional segments. As a result of the strategic business shift towards more targeted client segments it has become necessary for the bank to re-skill, realign and build expertise and resources focused around the superior delivery ofproducts and services to support these lines of business.”

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  1. Four People Made Redundant At Capital G | Bernews.com | October 11, 2013
  1. Eyes Wide Open says:

    Hey, yet another sign that the economy is in recovery, right PLP?!?!

    • OBA (Only Brings Austerity) says:

      So they say they are growing, but feel the need to cut staff. You read between the lines. Consolitdation, outsourcing, and someone wants more dividends, all of which have NOTHING to do with the government.

      • D says:

        FYI CAP G is not a public traded company. This is a family owned business. No One get dividends.

        • media says:

          I am positive someone is getting a dividend. Just because it is a family owned business does not mean the company operates any differently. Family members have shares and profits if there are any are issued as the Board decides.

          • Kathy says:

            The chairman of the board is MP Grant Gibbons. He’s waited until now to play with people lives. Laying off people just so the OBA can win an election is E V I L PURE EVIL.

            • eye on you says:

              S.A.L. a much smaller company owned and operated by PLP election member Vance Campbell laid off how many last week???? So I guess that is pure evil too ,right???? Or what about the way theat Mr. Hott 1075 dismissed Ms. Thag not so long ago. Is that pure evil???

              People that live in glass houses should not throw stones.

              • Me 2 says:

                @i on u – SAL and Cap G different apples. SAL retail business, sales down, global downturn economy. Capital G banking business, big profits, family business, expanding business and laying off = electioneering for OBA.

                • Just the Facts says:

                  All these people standing strong and wrong. Grant Gibbons is not the chairman of Cap G. Since none of you have access to the financial statements of Cap G, how can you possibly comment on “big profits”? How does laying people off–not something anyone in business enjoys doing–”electioneering”? The ignorance is staggering.

                  • read the facts says:

                    All financial information is available on the Capital G Website as per rules from the Bermuda Monetary Authority. Read it first.

    • Uncle BOB says:

      You sound just like the dim dumbs in OBA….Is the Premier the CEO of Capital G?!?!…..All these companies that lay off people are doing so to save a buck or two….computers have replaced human jobs….should the PLP pass a legislation that disallows all computer use on jobs so that humans can remain employed???….oggghhhhh

      Managers/CEO’s continue make bad investments, have expensive lunches and take trips on the private jet not to mention the afternoon golf game but yet blame govnernment and employees when things get tight for them.

      • Zombie Apocalypse says:

        “Managers/CEO’s continue make bad investments, have expensive lunches and take trips on the private jet not to mention the afternoon golf game but yet blame govnernment and employees when things get tight for them.”

        Here’s another view.

        Premier / Ministers / Civil Servants and other hangers on continue make bad investments, have expensive lunches and take first class trips to India, China, Paris, Middle East, the Carribean, San Fran, DC, Miami, not to mention the sight-seeing trips to watch shuttle launches, but yet blame ‘the economy’ when things get tight for them.

      • street wise says:

        Nice try….

  2. OBA (Only Brings Austerity) says:

    “Capital G has grown significantly in the last few years” … Yet we feel the need to cut jobs so that Grant Gibbons can get a fatter dividend check.

    These lot are a bunch.

    • Just the Facts says:

      You speak of things about which you clearly know nothing.

      • Sad Truth says:

        Well that’s the PLP is a nutshell really, no clue!

    • Curious says:

      Typical entitlement thought process.. All the fat cats of the banking industries fault.. nothing to do with government. Perhaps if you let in some foreigners here and there, maybe even some that have great ideas and innovative products for our banking system, you might be able to employ more people!

      So you are saying that all of the small business owners in Bermuda should go out and employ everybody they can so that everybody has a job?! Thats just madness

      Oh wait, thats what the government has done

  3. Bermyman says:

    But I thought Paula and Rolfe said that the economy is recovering??

    Skill sets: in business you can’t keep people employed who are not upto scratch professionally, trained or motivated to benfefit the company. But you can if you are the Bermuda Government.

  4. Vote for Me says:

    We all have sympathy for anyone that is made redundant in this climate.

    Before the posters go wild and blame the PLP, according to the article the redunancies represent an appropriate focus on business processes at Capital G. It is also not entirely unexepected to have redundancies when companies amalgamate. In this case, the bank has joined with First Bermuda Securities.

    I am surprised that the existing staff could not be retrained to meet the new requirements of Capital G.

    • OBA (Only Brings Austerity) says:

      I’m sure the board at Capital G have other motives.

      What they have not said is how many new people they have hired in the last few months as they shift.

      Hint, the number is NOT small!

      • Zombie Apocalypse says:

        Well, why don’t you tell us? Please, give us the details.

      • Chart says:

        There is no relationship between “hiring people for jobs that need done” and “laying off people whose jobs don’t need to be done”. There is a significant cost to laying off people. If those people could have been used in other positions, it would have been in Capital G’s self interest to redeploy them.

  5. Time Passages says:

    I’m certain that those 13 can easily get jobs at the other banks because jobs are so easy to get in Bermuda. Oh wait, that was the 90s before the PLP took over.

  6. BS says:

    That’s interesting how Capital G felt these workers did not meet the vision going forward yet everyday you see workers coming to work bs’ing their way through the day and blatant disregard or their jobs . Yet on the flip side you get rid of people that bust their tails getting you through the conversion, were committed to this bank for ten plus years and even have Masters degrees. Give us a better excuse please!

  7. Concerned says:

    The more people do banking on line instead of standing in line- the more jobs in teh Banking Industry will be lost. Keep our people employed – stand in line. More and more jobs are being out sourced – Bermuda is falling flat on their backs. Let’s stop this madness – Vote OBA – Express yourself and mark X for your OBA representative and return Bermuda to No. 1 again.

    • frank says:

      the oba does not have a majic stick.after all their leader has no political no how da!

  8. Really?? says:

    Gibbons Company….Grant Gibbons…..OBA. I guess when the OBA come to power, they will be creating jobs for Bermudians. While the OBA members who own business lay off Bermudians. And people here have the nerve to blame the PLP. Get a clue.

    • Zombie Apocalypse says:

      Can you let us have a list of the PLP MP-owned businesses that are currently hiring new employees then?

      • Really?? says:

        I don’t have to. The OBA supporters are the one’s saying to vote them in and they’ll create jobs. Can you named OBA MP-owned business that are currently hiring new employees? I may not be able the jobs hiring but I can name a few of the oness letting people go: Capital G, Esso Service Stations, Dunkley’s Dairy. All OBA MP owned.

        • Portia says:

          Are you suggesting that OBA business-owners should give jobs to individuals to secure their votes?

          Well, I guess that’s what the Government is doing…

          BTW, can you let us know how many were let go from Esso and Dunkley’s?

        • street wise says:

          That’s because plp Ministers don’t own any businesses, silly…

          ALL businesses are cutting back as a result of supreme mismanagement of the economy by guess who…??

        • Zombie Apocalypse says:

          Well let me help you with how a PLP-owned business is doing, when it comes to hiring.

          How about Burt Contruction. Burt Construction, owned by Senator David Burt and his family, was wound up in July 2012 after 30 years in business. It had employed 20 people.

          The PLP says vote them in and they will create jobs. Is this an example of the PLP creating jobs? Is it an example of how the economy is recovering any minute now, under the PLP?

          Or, let me guess, it’s ‘different’ when a PLP-owned business fires employees?

        • Zombie Apocalypse says:

          By the way, you’re also confused on a couple of other points.

          Esso actually went out of its way recently to redeploy employees rather than lay them off. Quite a nice story about keeping people employed, actually. Of course that doesn’t fit in with your “story”, so I understand why you would make things up even if they didn’t happen, but that’s the fact of it.

          Or maybe you got confused. There have been so many businesses recently that have either layed people off or ceased trading altogether. It’s difficult to remember all of them, I suppose.

  9. 9PK says:

    Over 3000 people without a job, 1 of 2 things is going to happen ppl are going to leave bermuda permenantly or turn to crime, and BDA can’t sustain w/ 3000 criminals

  10. Watching On says:

    WOW! And the downward spiral continues. It’s getting to be a tough job market out there.

  11. JONO says:

    Bermyman, you said it factually in a nutshell now trying looking at KEMH..might open another can of worms…

  12. street wise says:

    Lotta plp-oriented hatred towards the Gibbons family, I see… Last time I checked, Capital G is in no way associated with the OBA/UBP/PLP/BIU (gotta get ‘em all in).

  13. Get ready says:

    To give them credit they are a great Bermudian company, they have invested a lot of their assets in this country, and at the same time, business is business. The question is, I hope they never lost their jobs to keep those highly paid foreigners !

  14. frank says:

    the oba does not have a majick stick

    • Bermudian says:

      Learn how to spell !!!!!

    • eye on you says:

      Nope , but they have a pool of honest people with morals and experience in growing and running successful businesses. Shall we look at the PLPs resume over the last 14 years?

  15. swing voter says:

    Its the governments responsibility to stimulate the economy leading to full employment. A weak, poor, broken economy has the reverse affect. Can you die-hard loyalist supporters even know the difference? Take yur heads out of yur rear ends and take a peak at whats happening here, you might be enlightened and maybe, just maybe you’ll connect the dots!!!

  16. King Jammys says:

    Welcome to the family!!

  17. timsrty says:

    and all these foreigners still going work, mostly canadians, time to go,,

  18. timsrty says:

    The reason there are so few female politicians is that it is too much trouble to put makeup on two faces

  19. timsrty says:

    Politics is the art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other

  20. OBA'd and CapG'd says:

    …………..Austerity OBA style, sorry Cap G style

    • Chart says:

      This ain’t “austerity” … it’s normal responsible management. If Government had been run responsibly, Bermuda wouldn’t be in the terrible state that we face now.

  21. Victor says:

    First Point: If things were rolling along smoothly and profits were decent, Capital G would not be laying off people – clearly as much as possible they have tried to put an upbeat spin on a difficult situation. I suspect one of their problems is their delinquency rate on loans (especially mortgages) is a point or two higher than the other banks as they have been quite aggressive in chasing new business. Also, there have been some fraud issues – the lady who ran off with a substantial amount of an elderly couples savings for instance, this money would have to be repaid by the bank as it was taken from a deposit account if I am not mistaken.

    Second Point: A few not very pleasant things have been insinuated here about the Gibbons family; I wonder if these posters were thinking the same thing about SAL when fifteen people were laid off a few weeks ago, a major building supplies company also privately held, but by well known PLP stalwarts. Let’s not have double standards here please.

  22. jimmy beanz says:

    I would imagine this was a very difficult decision for the Gibbons family. Even Sir David would have had to agree and that would have taken a lot. While they are a successful family they have always given a lot back to the community and always supported hiring Bermudians where possible.

  23. Tank Rain says:

    Point of business is to make money, if not making money must make cuts where you can. Example, if you are paying somebody $50 an hour to fix you car, mow lawn, whatever the service may be, then you figure out how to do it for $20/hour, should you not take advantage of that?

    Simple math and likely not due to either party directly. Times are tough, tighten up – same in personal life as business.

    Hope the 13 bounce back quick

  24. Keepin' it Real...4Real! says:

    F#@K!!!!…..I GOT HERE TOO LATE GGGRRRRR. TECHNOCRACY…RESEARCH IT AND SEE WHERE YOUR LIFE IS GOING.

    • Keepin' it Real...4Real! says:

      A$#HOLES STILL UP IN EACHOTHERS FACES …TALKIN LOUD BUT AINK SAYIN NUFFIN!! NOT FOCUSED ONCE AGAIN AT THE REAL PROBLEM AT HAND HERE.

  25. Keepin' it Real...4Real! says:

    I SAY TO ALL THE DISGRUNTLED PEOPLE TO START THEIR OWN BUSINESS AND GET RICH LIKE THE PEOPLE YOU ONCE WORKED FOR.

  26. Allan the Idiot says:

    Well I have a small business, and have drained my savings, all ability to borrow and barely have enough to cover diesel each 2 days. And now I was reminded that this GREAT government has TAX DAY due on Monday Oct 15th again. I do not know how I paid the last one, and certainly do not know how I am supposed to pay this one. I guess instead of accepting the penalty of being late, will just shut it down….
    Car is due for relicencing at the end of Oct, can’t afford the gas for it anyway…so let it go.
    Can’t afford the cablevision, so will just plug in the rabbit ears (2 stations); and cut whatever else will lower my expense each month.
    Will just have to start a small garden patch for carrots, lettuce and tomatoes; bananas…
    Will seek whatever work I can find, anywhere, and then hold my breath and see what happens. But one thing for sure! This government will not get another cent out of me directly, they may get whatever the firm I find work in, maybe but not from me as a business.
    Summary: Pathetic

    • Connect says:

      Sorry to hear about your business. You are certainly not alone. In most economies small business represents the largest aggregate employer. In Bermuda this perspective seems skewed. There is a significant public focus of late on IB, which is unquestionably a critical component of the economy. IB however would be unable to operate in Bda without small business; there would be no infrastructure to support it.

      I know that for many small businesses every day can be a struggle to figure out how to pay staff and bills and quarterly payroll tax can be a massive blow. To throw salt on the wound the cost of insurance, power, and gas seem to be continually increasing as a means of shoring up the profits of large domestic oligopolies who are dealing with a shrinking customer base. Its frustrating but unfortunately its our reality. As a business owner I hope that you don’t view your current situation as a personal failure. It is a humbling experience to accept that in reality we are a small part of a much larger mechanism and that regardless of your efforts and innovation, one can still be crippled by forces beyond our immediate control.

      The only tangible suggestion that I have would be to contact the payroll tax department and apply for a temporary reduction. I think that the Commissioner has the ability to grant these concessions on a case by case basis, which the Retail sector and Hotels have already benefited from. Most of the population will roll through Monday completely unaware of the line of small business owners submitting their quarterly tax returns & payments. Good luck!!

    • Randal says:

      Allan, You are no idiot…You are in fact a victim of the motley group of misfits that call themselves a Government and have run this country into the ground these past fourteen years. I think their master plan from the outset was to have all hard working, straight forward citizens growing carrots – it helps them feel feel superior, ergo you know who.

    • Jeff says:

      If the government needs more money they will just borrow more. The dangerous side of this is that the lenders may soon be calling the shots.

  27. Malachi says:

    I work near Capital G and am not surprised. There are certain employees who I see walking the street for what seems like hours each day. I always wondered how that could be possible. Now I know!