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Butterfield cutting 16 jobs

Butterfield Bank has carried out another round of job cuts as part of “organisational restructuring”.A spokesman confirmed today that six employees had been let go in operations and investment services, and ten more jobs will be cut next month.In March the bank cut eight jobs, in corporate banking and investment services.And about 28 employees in Bermuda opted to take up the company’s offer last November of early retirement.A spokesman for Butterfield said today: “Butterfield confirms that six employees in Bermuda were today notified that their positions were made redundant as a result of organisational restructuring. Affected positions are within our Operations and Investment Services departments.“Employees who received notice are being treated fairly and with respect. Affected employees will receive severance payments and continuance of their medical and banking benefits for a set period.”We will have an interview and the full story in tomorrow’s The Royal Gazette.