Bank of Bermuda CEO Philip Butterfield yesterday revealed that the bank has cut 31 Bermuda-based staff since February when it was taken over by multinational banking giant HSBC.

The majority of the jobs axed were held by Bermudians ? with only 12 of the redundancies affecting work permit holders.

Mr. Butterfield said the bank's headcount now stands at 1,048 ? down from around 1,100 at the time of HSBC's $1.3 billion acquisition of the Island's largest bank.

Bank of Bermuda executives stand to make a healthy bonus if they reduce bank numbers by 150 this year while at the same time retain 70 percent of those staff defined as "key".

Although a bitter pill for those staff who lost their jobs, the cuts were not unexpected with warnings made when the sale was announced last October, of up to 250 job cuts in the pipeline within the next three years.

Under the terms of the executive bonus agreement, the company's five top executives could profit handsomely by receiving than $11 million in cash and investment options ? $6.59 million in cash and $4.7 million in HSBC restricted shares ? if they meet their targets this year.

Mr. Butterfield said although cuts had been made, the bank had also been hiring for certain departments.