Reduced Staff Hours: Butterfield Bank Dept

November 8, 2010

The Bank of N.T. Butterfield & Son Limited today confirmed that some staff members have been given reduced working hours, which they say was “part of an ongoing focus on expense management.”

On November 3rd, the Bank of Butterfield & Son Limited announced a third quarter net loss of $18.6 million.

A spokesperson from the Bank confirmed the reduced working hours today saying:

We can confirm that in one of our departments changes were recently made to introduce reduced working hours for a limited number of staff members.

This was effected as part of an ongoing focus on expense management across all departments.

Like most banks around the world, we are reviewing all aspects of our business to ensure the right balance between current profitability and future growth in a challenging, low-rate environment.

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