Capital G Bank Makes Five Positions Redundant

April 3, 2014

Capital G Bank has made five positions redundant, citing its “on-going organizational transformation plans.”

A Capital G Bank spokesperson said, “Capital G Bank Limited can confirm that as part of its on-going organizational transformation plans it has made 5 positions from various positions across the bank redundant as of Friday, 28 March.

“Several new positions have also been recruited over the last several months as part of the bank’s growth strategy into new business lines and an overall focus to re-skill and re-align human resources around client service and operational effectiveness.”

In January of this year CWH Ltd assumed the majority ownership of Capital G Limited, while Edmund Gibbons Ltd remains involved as a minority shareholder.

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Comments (23)

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  1. Bermewjan says:

    Only to be expected in an acquisition and transformation.

    • BETTTY TRUMP says:

      This can not so ! More JOB losses under the OBAubp? WOW seems like it continues on…

      Guess term limits had little if nothing to do with it aha? The reality is the OBAubp make it seem as if Term Limits was the reason for job losses in Bermuda pre-election, but in reality it was due to several reasons: change of the economy, recession, technology, business restructuring and doing business differently. Now the OBAubp seem to have slowly recognize that these factors were key in the changes in the job market.

      It is without a doubt more job losses will come, as the economy still re-shapes, and Businesses are designing and doing business differently.

      • JD says:

        Yes several reasons including term limits.

        For the umpteenth time let me try and explain this to you using an example.

        You have an office with one Canadian actuary and four Bermudian support staff. Immigration comes knocking on your door and says “it’s been six years so now you have to fire your actuary”. You say “well unfortunately there is no Bermudian qualified to do the job, so I’ll just have to hire another foreigner to fill the role, that seems a bit silly”. Immigration says they don’t care you still have to fire your actuary, even if it means you replace him with another Canadian.

        You like your actuary, and really REALLY hate when someone tries to dictate what to do with regard to your own business, so instead of firing him you decide to move your operation to Canada…AND FIRE ALL YOUR BERMUDA staff.

        Get it yet?

        • Coffee says:

          That statement is misleading and a false equvilence on a major scale . First off , term limits never applied to key staff such as actuaries and secondly no business moves operations to any jurisdiction where the taxes alone would reduced profits to an unmanageable level .

          I’m sorry , but your vain attempts to explain are merely your imaginations lying to your senses .

          • Believe says:

            Your statement is equally (or more) inaccurate. Term limits WERE applied to individuals who were regarded as key personnel in an organisation.

            Companies did move jobs and the supporting roles off island when this happened (In some instances whole departments). Perhaps not entire companies – but certainly it affected jobs and related support roles.

            The destinations are irrelevant if the jobs and associated expenditure left Bermuda.

          • ya right says:

            Coffee you are absolutely correct.

      • Suzie Quattro says:

        Depends Betty doesn’t it. Were the positions made redundant, or did they get moved overseas? There is a difference.

      • Toodle-oo says:

        ** It is without a doubt more job losses will come, as the economy still re-shapes, and Businesses are designing and doing business differently. **

        As government must also do too. So will you be as understanding when government finally does what it must do ?

      • Mike Hind says:

        Don’t let the fact that you have no idea what you’re talking about get in the way of your propaganda…

  2. Bermuda Boy says:

    Only to be told next week about record profits, go figure!

  3. somuchless says:

    Bermuda needs foreign investment cause the island can not produce on its own and without foreign investment the island will continue to decline.

    • Axcot says:

      100% correct. Sad that it has come to this, BUT IT HAS. Let’s deal with it and get on with it.

  4. godson says:

    Tourists $$$ is also foreign investment..the type that made us a lot of $$$$$ b4 IB came along…

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

    You want tourist dollars…DROP YOUR PRICES…hotels and tickets must come down!!

  6. Paula Roberts says:

    What’s most fascinating is how the Daily buried the story on page 13, presumably in the hope no one would notice. those of us who lived through a PLP Government know full well it would have been carried on page 1!

  7. nuffin but the truth says:

    I bet there are no marches or drum banging or demos about these job losses!

    • Coffee says:

      The Chamber of Commerce probably agrees with Capital G’s decision , hence no arguments .

      • Citizen Banned says:

        If the people made redundant were ‘grass roots Bermudians’, then you’d probbaly hear a LOT MORE.

  8. StillThatBS says:

    I still stand strong on the belief that Bermuda(employers) are using the ‘failing economy’ as an excuse to cut jobs and hence ‘save money’

    If one way of business structure is not working, it is time to try another way.

    Also, Can someone start a new political party….


  9. JUNK YARD DOG says:

    Some one put the Sage Report on the shelf with all the rest.

    The Bermuda Government is a business.
    Tourism is a business.

    Managing money in not an art form it is Business.

    I cant really blame you all for your comments on Bernews it saddens me when our leaders turn the cheek to show you the deaf ear.

    We can not live on borrowed money and we can not sell our assets.

    Bermuda Tourist trade will continue to go down hill until the Government reduces the entire tax burden, 25 % duty on every thing is absolutely ridiculous.

    Some Departments cost more to run than they take in, that is not good business.

    Many Bermuda Companies cease to exist because the employment tax burden killed the goose that laid the golden egg.

    The next thing on the books ,the country will be forced into currency devaluation, then it will be to late.

    The import duty on some cars is about par with the first cost.
    The construction industry has gone bust.
    Companies make staff redundant in order to survive.
    Food and power costs are through the roof.
    Most item double in cost to import.

    My USA friends are telling me that Bermuda is too expensive.

    We are pricing our selves out of the market this has been going on for years.

    Only the very wealthy can come here and most of them are looking to other destinations under advice from their travel agents.

  10. Illogical says:

    Two expats were also made redundant from Logic last month, but I don’t think that was covered by the media. Another loss to Bermuda.