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Butterfield cut Bermuda workforce last year

Smaller workforce: Butterfield Bank’s employee count at the end of the year was 572, down from 590 at the end of 2017 (File photograph)

Butterfield Bank’s Bermuda workforce shrank by 18 in 2018, ending the year at 572.

As a group, Butterfield had 1,373 employees at the end of the year, including 99 temporary staff. That figure is measured on a full-time equivalency basis, and compares to 1,190 in 2017, 1,240 in 2016 and 1,141 in 2015.

In its latest filing at the US Securities and Exchange Commission, Butterfield also detailed non-accrual loans it has on its books. Among them is a $3.75 million government loan that dates back to the time the bank had operations in Barbados. It sold those operations in 2012.

That non-performing loan accounted for almost a third of the $12.1 million total of impaired commercial loans owed to Butterfield, as of December 31. It was also the main element in a $4.8 million increase in total non-accrual loans at the bank, which stood at $48.7 million at year end.