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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