Butterfield Bank has made about 25 staff redundant because of the economic crisis caused by Covid-19.

A spokesman for the bank confirmed tonight that 51 positions have been made redundant internationally because of internal restructuring, with “roughly half” of the lost jobs in Bermuda.

Staff were told of the redundancies on Monday and posts in several departments were affected.

The spokesman said: “We have been very careful to adjust roles and responsibilities to ensure that our technology, product offerings, and client service will not be negatively impacted by these changes.

“The economic impact of Covid-19 has created a challenging operating environment for Butterfield and all banks.

“We have made structural changes to partially mitigate a decline in the Bank’s revenue caused by the economic fallout of the pandemic.

“The changes are in addition to a number of other cost management steps that have already been implemented, including voluntary employee separations, restrictions on business travel, premises consolidation, and limitations on the use of contractors and temps, among other initiatives.”

The spokesman added that the company was “treating impacted employees fairly and with respect” with outplacement support and severance packages that “exceed statutory requirements”.