Staff at Capital G Bank this week received some unwelcome news: The Royal Gazette understands the bank has announced plans to cut its employee mortgage benefits.

According to sources at the bank, staff were receiving a 2.25 percent rate on their mortgages — but were told the rate will climb to 4.25 percent as of May 1, and will be raised to 6.25 percent next year.

A spokesman for the bank confirmed that Capital G “recently internally announced changes to its employee benefits”.

“As a matter of policy, the bank does not disclose confidential details relating to employee compensation and benefits policies,” the spokesman added.