Thirteen jobs are to go at Butterfield Bank in Bermuda.

A spokesman for the bank said staff had been told the news yesterday.

“Butterfield today announced a restructuring at the executive committee level and involving several departments that will result in 23 employees being exited from Butterfield — 13 in Bermuda, six in the Cayman Islands and four in Guernsey,” the spokesman said yesterday.

“Customer services will not be impacted by the changes announced.”

The spokesman added that those losing their jobs were “a mix of work-permit holders and locals”, both in Bermuda and Cayman.

He added that during the first six months of this year Butterfield had grown headcount in Bermuda by nine positions, from 538 to 547, meaning that the net impact of yesterday’s restructuring was a loss of four positions on the island.

As part of the restructuring, Michael Neff has been appointed to the new role of managing director, Bermuda.

Mr Neff will join fellow managing directors, Mike McWatt in Cayman, and Richard Saunders in the Channel Islands, on an expanded Group Executive Committee, reporting to Michael Collins, Butterfield’s chairman and chief executive officer.

The announcement came two days after Butterfield announced a second-quarter profit of nearly $50 million.

Yesterday, Butterfield’s US-listed shares closed at a record high of $50.23 on the New York Stock Exchange.

• Information about Butterfield’s total headcount in Bermuda was added to this story when it was obtained.