Butterfield cut Bermuda workforce last year

  • Smaller workforce: Butterfield Bank’s employee count at the end of the year was 572, down from 590 at the end of 2017 (File photograph)

    Smaller workforce: Butterfield Bank’s employee count at the end of the year was 572, down from 590 at the end of 2017 (File photograph)


Butterfield Bank’s Bermuda workforce shrank by 18 in 2018, ending the year at 572.

As a group, Butterfield had 1,373 employees at the end of the year, including 99 temporary staff. That figure is measured on a full-time equivalency basis, and compares to 1,190 in 2017, 1,240 in 2016 and 1,141 in 2015.

In its latest filing at the US Securities and Exchange Commission, Butterfield also detailed non-accrual loans it has on its books. Among them is a $3.75 million government loan that dates back to the time the bank had operations in Barbados. It sold those operations in 2012.

That non-performing loan accounted for almost a third of the $12.1 million total of impaired commercial loans owed to Butterfield, as of December 31. It was also the main element in a $4.8 million increase in total non-accrual loans at the bank, which stood at $48.7 million at year end.

You must be registered or signed-in to post comment or to vote.

Published Mar 1, 2019 at 8:00 am (Updated Mar 1, 2019 at 8:22 am)

Butterfield cut Bermuda workforce last year

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "Confidence that Bermuda will be removed from the EU blacklist after May 17 meetings?"
    • Confident
    • 35%
    • Not confident
    • 56%
    • Indifferent
    • 9%
    • Total Votes: 3167
    • Poll Archive

    Today's Obituaries

    eMoo Posts