July 15, 2013Dear Sir,Having read the article in your paper concerning 16 more redundancies at Butterfield Bank. I must address Michael Collins Senior Vice (Exec) President. What is he thinking? Bermuda already has 3,000 plus people out of work he is only adding to the depressed economy. Wouldn’t a better solution have been for him and the other top executives to take a pay cut maybe ten percent to keep those people employed and keep money flowing through the economy. Furthermore instead of buying back stock why doesn’t BNTB do a reverse stock split of say, 5/1. With 540 million shares outstanding BNTB would reduce the amount of shares outstanding to just over 100 million. The millions they are spending to buy back stock could then be used to impose a permanent quarterly dividend and the reverse split as suggested would take the stock from a pitiful $1.40/share to approximately $7/share much more attractive. Food for thought!OBSERVER