NATIONAL Commercial Bank Jamaica (NCB) let go 41 employees in its latest round of redundancies on Friday.
After a critical review of its business mode, the bank said it embarked on a number of supporting strategic initiatives.
"To position the NCB Group to respond to a volatile, uncertain and dynamic environment, we embarked on an organisational transformation strategy dedicated to these initiatives," said a statement issued by the banking group last Friday. "A major component of our transformation efforts has the been the development of a lean operating model, a comprehensive review of our operating processes and procedures and the subsequent design and implementation of the staffing mix required to support the reconfigured model."
Prior to the redundancies the banking group had 2,469 staff, not including the 254 at Advantage General Insurance, which is being acquired by NCB.
The positions that are being affected range across all categories from tellers up to senior managers, according to NCB senior general manager of group human resources Rickert Allen.
"While it is a difficult decision, since it affects the lives of members of our team, we believe it is the best decision to ensure our sustainability and the attainment of our aspirations," said the bank.