Butterfield cuts eight jobs
Butterfield Bank has cut eight jobs in its Corporate Banking and Investment Services departments.
The employees were informed yesterday that they were being let go.
Butterfield confirms that eight employees in Bermuda were advised that their positions were made redundant as a consequence of internal reorganisation, a Butterfield spokesperson said.
Roles in our Corporate Banking and Investment Services departments were affected. Customer service will not be impacted by the changes announced.
About 28 employees in Bermuda opted to take up the companys offer last November of early retirement.
Butterfield had offered a total of 56 employees more than nine percent of its Bermuda workforce voluntary early retirement, citing the economic slowdown and changes in technology.
The bank had reduced staff in Bermuda by some ten percent before that offer was made. Total headcount is now around 600.
Last week Butterfield cited a 2012 profit of $25.6 million, a fall of 37 percent on the previous years $40.5 million. Butterfield absorbed losses on one-time items of $29.3 million, but managed to raise core earnings by 45.2 percent to $54.9 million.
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