Butterfield Offers 56 Staff Early Retirement

November 14, 2012 | 40 Comments

The Bank of Butterfield has offered retirement to 56 members of its Bermuda staff. Employees offered the package are 58 to 64 years old, and it is optional – not mandatory.

Michael Collins, senior executive vice-president, Bermuda, said: “The bank continually reviews the size and structure of its operations to ensure we are handling business volumes as efficiently as possible. Our decision to offer voluntary early retirement is driven by recent changes to our technology and slower economic activity in the Bermuda market.”

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Comments (40)

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  1. stand strong says:

    the ecomomy is recovering and businesses are opening!

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    • Who Done it says:

      Come again, where are you standing? and where are you going if you are standing, I don't get it? And what are the indicators you are seeing that show a recovery... Ohhhhh Sarcasim... I almost missed it...

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      • formidable deviant says:

        But Stand Strong is right though, so even if you don't like the sarcasm, stfu, because you CANNOT defend the way things are. We are in a mess.

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  2. Chart says:

    As with Bank of Bermuda when it was bought by HSBC, the Bermuda jobs are being sucked out of Butterfield now that it is effectively owned by CIBC.

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  3. In Mark's Opinion says:

    56 more paychecks will disappear, no end in sight.

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    • Um jus sayin.... says:

      ...to be clear...ONLY if 56 people take up the offer!!! It says clearly that it is not mandatory!

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      • Soooooo says:

        This is the second time in the past couple of years that BofButt has offered this. The bank doesn't want to look bad forcing people out. It's a sign of the times.... Everyone is shedding staff (cheaper to pay them off than to pay them)

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  4. Pitts Bay says:

    This is the result of the PLP standing strong for Bermudians!

    Well done PLP.

    Well..... I know which way I am going to vote this election

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

    http://www.youtube.com/watch?v=ZrQKljnHg5s&feature=related

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  6. downward spirals says:

    The downward spiral continues.
    Is this what was inadvertantly meant when someone said 'resetting the dial' a long time ago ?

    There's a whole lot of dial resetting yet to come. The first is going to have to be the complete resizing of government. It must and will happen .

    Then there's the retailers and service providers. Grocery shops . Oh , let's not forget the landlords .
    Nowhere near the bottom yet by a long shot. Will the above mentioned people be able to accept what they must eventually do and reset their own personal dials of profit ?

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  7. Triangle Drifter says:

    Yet another PLP 'Accomplishment' with the added benefit of less traffic coming into town & easier parking for those going into the fewer open shops.

    Standing strong & about to get run over by their failed policies.

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  8. sheila brown says:

    Butterfield, you are on your way back, posting apx $37 million in net profits year to date. Is this not enough to keep mothers and fathers employed so that they can care for their children? Isn't enough, enough??

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    • Legal Reasons? says:

      "mothers and fathers employed so that they can care for their children"?!?

      reading is not your forte, is it?... this offer is made to employees aged 58 to 64. their children are all grown up and already taking care of themselves.

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      • Mad Dawg says:

        If they're not unemployed. And if they're not disabled. You have no idea of people's circumstances.

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      • wrong says:

        Who says that a person of 58 does not have a child at university/ post studies. I am 40, with my youngest being 1. When I am 60, I would most likely be paying education. Not everyone has children at a young age

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        • Autumn Fire says:

          What a wonderful blessing God has granted you at 40. I say congratulations to you and your loved one, and may God continue to shower you and your family with more blessings in the future - it takes a lot for many women to have a child after 35...continuous health and prosperity unto you.

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    • Black Bermy in IB says:

      Please tell me you don't think that Butterfield exists to employ people. Businesses exist for profit. No profit and they die! Furthermore they need to make sufficient profit to attract investors. If I were a shareholder or debtholder of Butterfield's I would vote to fire the board if they to employ people at my expense or at the expense of my investment or my pension fund. I would sell my share as would others thereby driving down the share price. This would drive down the share price so much that some vulture would come along and take any value left in Butterfield and then leave the rest to die.

      Stop thinking that people deserve jobs. You earn a job by proving you can add value or profits to the owners of the business or else you don't get to keep the job.

      That's how the real world works. That's how business has always and will always work.

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      • Triangle Drifter says:

        Unless, of course, you collect a government paycheck. There all you need to do is put in time & you get a pension. Being productive is not a requirement. Ask Paula.

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  9. Truth is killin' me... says:

    Optional - not mandatory. What happens if they say no?

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    • Merry Christmas (not) says:

      The bank said if they say no, then they keep their job, plain and simple. It is voluntary

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      • Truth is killin' me... says:

        They keep their job. Yeah right. If you believe that then I have a bridge to sell you. You obviously don't know how a business is run these days. Wake up!!!

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        • Um jus sayin.... says:

          Ask people who were offered it last year....still there!!! These blogs kill me! All know so much and don't know jack! Bermudians...know it all and so far away from the situation, only thing left to do is...assume!!!

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  10. Who Done it says:

    I think the PLP, I mean the Govt has called in the loan to the bank or was it the bank who loaned to the country... I am so confused... What a mess and I am sure the retireing persons will have a nice reverse mortgage to live off... Sad so so sad...

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  11. William says:

    no matter what your political or meta thophysical beliefs get out of the way of oncomming; Trains, Tanks and Ocean Liners ..standing Wrong wont cut it..Trust me on this one.

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  12. Daveyboy says:

    - these r retirements not layoffs... Gazette is reporting bank says they get a pension and medical and aren't left high and dry in this cr@ppy economy... Still have income while they look for other work. Not a bad way for BNTB to have handled... Better than most I'd say.

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  13. CFC_BLU says:

    Well, I keep hearing about the hospitality industry..........so pot washing isn't a bad idea.

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  14. sheila brown says:

    Legal Reasons - there are many in the workforce who had children late in life. I do acknowledge that if this offer is voluntary it could be a good incentive for some.

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  15. jerky says:

    ok so what's the package for those who say no? are they going to be offered as sweet a deal when they reach retirement age? and as for this retirement age thing there are plenty of people who are still of sound mind and body well into their 70s. Sure there are some risks but there are also risks with 26 year olds with their car crashes and sporatic pregnancies.

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  16. la la dy says:

    Why are we so quick to put hard and able bodied workers over age 65 out to pasture? these are the folk who show up on time, go above and beyond the call of duty, do a full days work and hardly ever take sick time off, (and if they do they are really sick). Why would you trade them for the younger folk - some of whose work ethic is less than desirable?

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  17. argosy says:

    Further proof (as if we need any) that the economic recovery has begun.

    So said the P.

    Do you believe her? Has she got ANY credibility left?

    She lost my support when she signed all those checks for you-know-who!

    PLP - run on your record. If you're so PROUD of your achievements, run on your record....

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    • M.P.Mountbatten JP says:

      Short memory and terribly myopic U R GROSS . Isn't this the same Premier that you are eluding to who was bashed by you and other UBP/OBA cronies for guaranteeing and backing this same bank for 200 million dollars .Enough already of your foolishness . You don't like her and nothing she does will ever be right for you .
      Wake up when she's gone , but for now continue to rest miserably.

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  18. Common Sense says:

    They are trying to make it look good - of course its NOT mandatory. FOR NOW! soon enough, they will have no choice but to make the rest who did not volunteer redundant. Which will then be mandatory. com'on think!!! They obviously can not afford those 56 people. so if only 20 ppl agree to the deal, you think they can continue to afford the other 36 people? Okay yeah, maybe for the next 6months then BOOM! WAKE UP PPL!!!

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