The roles of 12 Bermudian employees at Butterfield Bank in Bermuda are to be made redundant as the result of cost-cutting restructuring measures.
The bank is making a further ten roles redundant in the Cayman Island, with those and the Bermuda jobs being moved to the bank’s support services centre in Halifax, Nova Scotia.
The roles impacted are in the bank’s card fraud department, middle office area and call centre.
A bank spokesman yesterday said employees had been given advance notice of their positions being relocated to Canada during the coming months.
He said that Butterfield was working to find alternative roles within the bank for the impacted employees.
The spokesman confirmed that all 12 employees affected in Bermuda were Bermudian.
“Butterfield is one of the island’s largest employers and 93 per cent of Bermuda-based roles are held by Bermudians. Where restructuring is effected, the impact on roles tends to reflect this proportionality,” he said.
Affected employees were informed of the redundancies last Thursday.
The spokesman said: “Halifax provides us with an in-sourced, cost-effective location in which to consolidate teams that serve our businesses in multiple jurisdictions.”
Efforts are being made to find alternative roles within the bank for impacted employees, the spokesman said, adding: “The timing of role redundancies for impacted employees varies by position and each employee was provided with details for his/her role last Thursday. In all cases, we have provided several months’ advance notice.”
The redundancies are the second round of job losses at Butterfield’s on-island operations this year.
In April, 11 people lost their jobs at the bank when their positions in Bermuda were made redundant, and more than 30 accepted early retirement packages. At the same time, Butterfield announced the closure of its Rosebank banking centre and drive-through teller services in Hamilton.