Butterfield Bank lays off 25 staff
Butterfield Bank laid off 25 employees today.
The job losses were spread out across departments and levels of seniority, bosses revealed in an exclusive interview with
The Royal Gazette. The highest-ranking employee to go was a vice-president.
“This is a painful day for the bank,” Butterfield's chief executive officer Brad Kopp said.
“This is a bank that prides itself on its long-term employees. It's a like a family, so this has been very difficult.”
The numbers of Bermudians and non-Bermudians let go today were in proportion with the bank's workforce, Mr Kopp said. He added that fewer than ten percent of the bank's approximately 700-strong workforce in Bermuda were work permit holders.
He added that business conditions were difficult and that bosses felt the company had needed to be “right-sized” according to its revenues.
There were no plans to make further redundancies, Mr Kopp added. The bank had cleaned up its balance sheet and secured new investment over the past two years and the next stage was to start making money again, he added.
Last year, Butterfield posted a net loss of $207 million.