New Bank of Bermuda chief executive officer Philip Butterfield is telling staff they must move with the times or be left behind.

Mr. Butterfield, speaking at the Financial Planning Association of Bermuda's quarterly meeting yesterday, said under HSBC the bank had infinite business opportunities but they must be seized by bank staff.

He said he was personally sharing this message with small groups of staff - up to 20 at a time - viewing it as imperative that the message come directly from him, not wanting to risk the message being diluted by a third party.

Mr. Butterfield was named CEO - he previously held the number two post of chief operating officer - of the bank on February 18, the very day the bank's $1.3 billion sale to multinational HSBC Plc closed.

Although the bank has said in recent months there could be “meaningful” job cuts in its Bermuda offices, Mr. Butterfield this week said staff should not be fearful but pro-active in looking at how they could take advantage of being a part of the bank's success under HSBC. He is stressing to staff the increased training opportunities they can have as part of the larger HSBC network, if they prove themselves.

Yesterday Mr. Butterfield said “resource reallocations” were an accepted part of competing in an increasingly tightening business environment.

“Whether our complement of persons is sufficient or in excess of market demand, there will be changes,” he said.

But he said there would be opportunities for “forward-looking persons in our organisation” but those who were “backwards were likely to be passed by”.

“Everyone can experience a deeper business relationship with the company. We have the capacity to do much more for our customers. If that does not excite my colleagues, I cannot imagine what will.”

Mr. Butterfield said too many let fears stop them from taking risks but that would not be an option for bank staff, with the bank adopting more structured (instead of the previous “water cooler” style of human resources) employee oversight, including each staff member having to take part in a “candid annual self-assessment with their manager”.

Mr. Butterfield said that assessment was designed to underscore skill gaps, and what a bank employee must do to move forward.

And move forward one must, with the bank's new chief executive saying there was no room for complacency or stagnation.

He said employees must ask themselves how they could “realise their potential”, adding the greater training opportunities under HSBC ranged from germane desktop learning to the bank putting forward some staff to join HSBC's elite international management programme corps.

“Those who reinvent themselves stand to excel.

“We must embrace change, the status quo is too easy. If you do not embrace change, the certainty is that you will become extinct.

“I tell colleagues that if they do not embrace change, we may not be viable.”

Mr. Butterfield said hard work would get its just reward.

“I am definitely a carrot and stick person. There is most definitely an upside and downside for results.

“There will be sales incentives to grow the revenue line for this organisation. I believe in metrics. If you cannot measure it ain't worth talking about.”

Mr. Butterfield promised improved customer service and products, over time, from the bank and said there were three rules he and bank staff would operate on: “One, sell. Two, sell. Three, check one and two. Without customers we do not have a business.

“These factors are principle influences in determining the destiny of this organisation I am responsible for. If I do not get it right, someone else will. I live with that responsibility.”