Employees Made Redundant At Butterfield Bank
[Updated] Butterfield Bank has confirmed they made six employees redundant today [July 3].
A bank spokesperson said, “Butterfield confirms that six employees in Bermuda were today notified that their positions were made redundant as a result of organisational restructuring.
“Affected positions are within our Operations and Investment Services departments. Employees who received notice are being treated fairly and with respect.
“Affected employees will receive severance payments and continuance of their medical and banking benefits for a set period”.
Update: An additional ten people will be made redundant in a few weeks, the bank has confirmed
more to come,,,
Damn PLP!!!!
Exactly!! We should get rid of term limits to stop this unemployment….. o wait…
o wait…. we did that and we are still at square one…
o wait,, the entire world is in a global recession and has been since 2008,, you know the time when things start falling apart for Bermuda,, those damm term limits, bad PLP, go sit in the corner.
So first you say it’s because of the global recession yet you still say PLP go sit in the corner. Your thought process is flawed. You need to do yourself a favor and go sit in the corner and rethink what you just said.
sarcasm bredren,,
That’s complete and utter nonsense.
The US was in a recessin in 2009 and not since.
Bermuda has experienced four consecutive years of negative GDP growth.
Name one of our trading partners and/or similar sized jurisdiction/economies that have experienced the same.
Just one.
The US was in a recessin in 2009 and not since.
Really?? and you say what I wrote was complete and utter nonsense..As far as I know the US was at negative job growth up until early 2013..
name one of our trading partners and/or similar sized jurisdictions or economies that have had years or consecutive gdp growth..
Would you agree that both or our corporate pillars (investment companies, reinsurance companies) are directly affected by the stock market or by extension, worldwide investments in general, as investment companies (mutual funds etc) main business function is manage portfolios of investments and if there is a recession in our trading partners it will directly affect us?? Same goes for the reinsurance companies which basically invest the money they get from premiums ceded etc.. check the combined ratios of these companies if you want to check how important the investments are to their bottom line..
also,, would you not say that outsourcing played a part in some of the jobs being lost in Bermuda, or would you say its all because of term limits,, and be honest please,, thanks
You ask really? I say yes:
http://www.tradingeconomics.com/united-states/gdp-growth
All those factors plus unnecessary and aggressive Government policies all played a role in our current predicament.
If not, then why does BDA seem to be faring the worst out of all of our major trading partners and similar sized jurisdictions and/or economies?
point taken,, and I agree with some of what u wrote for the record,, however I am frustrated that all of Bermuda’s current economic problems are all directly related to the PLP.. now don’t get my wrong, I am not that gullible to believe that the PLP was perfect and without fault, they made many errors, but from what I can see they did put the average Bermudian first, I really can’t say the same for the OBA,, I really can’t, but I am open minded.
I too work in Corporate Bermuda and I know from the inside what’s going on with the market. I was working in a deparment that was 90% Bermudian (Bermudian professionals I might add, who carried out a very important function).. unfortunately through outsourcing, our entire department was made redundant and the tasks are now being completed in a different jurisdiction. Term limits was not the issue, it was the company attempting to cut costs, which is their right, they are in a business to maximize shareholder wealth.
You must also put yourself in the place of the average Bermudian for a while,, yes some of us are down right lazy and have many issues, but some of us are very good dedicated workers.. Imagine being in your native land where you have lived your entire life, you struggle to make your life better each day, but you see people come from overseas that are making alot more than you and living a much more comfortable life. I think the oba’s take the view that its all a racial thing and Bermudians don’t like whites or asians, but I know that is not true. I am not saying that Bermudians should be entitled to anything just because they are Bermudians, but you must understand that perception is reality for many people in this world (unfortunately) I do think the PLP, could have done a better job of helping to create a more harmonious relationship between expats and Bermudians, but all of Bermuda’s problems are not because the PLP was incompetent, and those constant mindset is doing my head in,, it really really is.
Dear Impressive
I’m afraid that it is a reality of life that where ever you live in the world, you will see outsiders come in who are making more. Try being a native Londoner! You can let envy eat you up or you can look at these hungry positive optimists from outside and follow what they do. Being a ‘native’ anywhere doesn’t make you entitled.
Here we go again with the “worldwide recession” myth. Just a big fat lie fed to the gullable by the PLP.
so its a lie?? well they do say CNN, FOXNEWS ETC,, dont tell the truth, so I guess you have a point (cheesh)
Well things started falling apart around 2004 when Government started taking on unneccesary debt. Under Eugene Cox the national debt was falling and the economy doing well. Bermuda public didn’t individually feel the effects until around 2008-09. Bermuda could’ve had fared much better through the global recession if the public purse had been handled prudently after Eugene Cox passed.
Six months in power and OBA/ubp borrows 800m!!!!
Or did they just raise the borrowing limit?
The difference is between raising the limit on your credit card and raising the limit on your credit card and maxing it out. So far, all they’ve done is raise the limit.
Of course they wouldn’t have to do that if they hadn’t inherited an impossible mess from the previous government.
Stop calling it the OBA, it’s the UBP back from the grave.
@Ole…Blame them for everything??? You silly person! Remember the PLP bailed them out!!! They have made poor investment choices!!!
Now the OBA has to create about 2,050 jobs now just to create the proposed 2000 jobs.
Bermuda is sinking like the Titanic.
even faster I think
……meanwhile back at the ranch…BIU fighting for it’s workers and won’t give up a dollar or budge an inch…while the private sector UNDERSTANDS the position the WHOLE island is in!
Firstly, Butterfield’s actions, while they try to pinch pennies, because it made some bad investments a while ago, has nothing to do with the BIU workers.
Second, I bet those Butterfield workers wish THEY had a union right about now…
Thirdly, no, the whole Island is not in this position. There are some wealthy folks here who are doing quite nicely, thanks. Not hatin’, I’m just saying’… Butterfield has always skimped on what it’s willing to spend on its regular employees, even when times were good, while the executives remain quite comfortable, with stock options, etc.
u sound like a real a$$ its not just the BIU its all the unions police, fire, teachers, and other civil servants. it better to be thought a fool then to speak and be known one
And they’re all in the PRIVATE SECTOR……NOT! Read my post again A$$!!
Private sector, Belco, grocery stores , insurance company , construction company’s that make a huge profits while paying their workers peanuts ,etc,etc!!!!!
Like Burt Construction? Making huge profits off the backs of its workers before declaring bankruptcy and making 30 people redundant. This happened two years ago, of course.
Is Burt Contruction the kind of evil company you’re talking about?
so you are saying the union who gets revenue each week frm workers pay should not fight for the rights of its workers, even though that is what their role is?? im confused.. also the amount of anti-union talk on here is amazing.. Do you know how many of the benefits that you currently enjoy in your workplace, whether it be private or public, where obtained by unions representing its workers.. Do you really think employees said to themselves. oh well, we better insure out employess incase they get sick, better yet,, we pay half of the bill.. yeah right.. Do you think employees said,, yeah, lets pay these people to stay at home for 3 weeks out of every year,, they deserve, they work so hard for us,, yeah right
What took so long ?
Yep’
soon as they go 50 – there gone!
the new norm in Bermuda’
The difference between a private company and government is that once the private company makes the redundancies, they do not have any further obligation to the employees.
If the person can not find a job, they will eventually end up at Financial assistance when governemtn (all of us) have to pay.
Enough about the PLP it is July 2013 and the UBP has power it is time they made some practical steps, gaming, drug decriminalization, medical marijuana!!, prison labor, Branded franchises
Are you saying we have to forget the mess the PLP left the country in? Took them longer than 6 months to screw it up didn’t it?
No, it means move on and find practical solutions to stimulate the economy. Maybe you haven’t quite figured out that pointing blame doesn’t solve problems.
So why point blame at the OBA? If there’s any blame to be pointed, send it where it belongs. If you want to move on and find practical solutions, quit blaming the people who took over 6 months ago.
Well you have to blame the people in power right now, today, or else your delusional and living in the past.
Oh, back to blaming. Why not blame the leaders that created the mess, rather than the ones who were elected to clear up the mess? If you don’t, you the one that’s delusional.
If we’re not going to live in the past, by the way, can we stop all the talk about slavery?
So why did they take on 28 summer students?
Summer students work for less. They can pay less and get tasks done by summer students. I also don’t think they have to contribute pension for summer students.
Automation people automation…. want to do banking on line… causing the loss of jobs…
I can’t wait until they have self-service checkouts in the grocery stores. No need to interrupt the cashiers in their personal conversations and I can be done before they’ve even finished talking.
And it’s not just supermarkets. Add hardware stores and the like to the list.
Its a few places like that. I just look in disbelief.
lol i do like those in Canada saves some time.
I don’t wholly accept that internet banking excuse
Ever try to use butterfield direct and notice that the transferring of money overseas application is always down or rather restricted
I would rather look at the falling deposits and non performing real estate assets as a more realistic barometer of the banks viability
The real concern isn’t shedding of jobs but a total collapse and the loss of uninsured deposits
Has a local bank ever gone completely under
We may be witnessing a historic moment
I guess seahorses will be busier now! Or were they slipping out on the lunch break anywayz
So much for the Govt Guarantee for that $200 mill to save the bank. Saving Bermudian jobs right? Relaxation of 60/40 hasn’t been so good for the locals. Foreign investment contributes $10 to the island to take $100 out. BNTB – any cuts in those bloated executive packages? Why so many senior executives for a bank that has cut hundreds of jobs?
According to The Chief financial Gooroo he doesn’t know what he is going to do with the 800 000 000 ,just borrow the money while the interest rates are low and the African tax payer will bear the brunt.