Bermuda's Butterfield Bank announces more redundancy plans

Bermuda's Butterfield Bank announces more redundancy plans

Sunday, October 18, 2020

Print this page Email A Friend!

HAMILTON, Bermuda (CMC) — The Bermuda-headquartered Butterfield Bank has made approximately 25 staff members redundant on the island because of the economic impact of the coronavirus pandemic which, to date, has killed nine people.

Since the start of the year, this is the third time that Butterfield — Bermuda's oldest bank— has announced it was trimming staff.

A bank spokesman confirmed night that 51 positions have been made redundant globally because of internal restructuring, with “roughly half” of the lost jobs in Bermuda.

Staff were told of the redundancies on Monday of last week and posts in several departments were affected.

It was not immediately known if employees at Butterfield's branches in the Cayman Islands and The Bahamas also lost their jobs.

The bank's operations also include branches in Jersey and Guernsey in the Channel Islands, Switzerland and Singapore.

The spokesman said: “We have been very careful to adjust roles and responsibilities to ensure that our technology, product offerings, and client service will not be negatively impacted by these changes.

“The economic impact of COVID-19 has created a challenging operating environment for Butterfield and all banks.

“We have made structural changes to partially mitigate a decline in the bank's revenue caused by the economic fallout of the pandemic.

“The changes are in addition to a number of other cost-management steps that have already been implemented, including voluntary employee separations, restrictions on business travel, premises consolidation, and limitations on the use of contractors and temps, among other initiatives.”

The spokesman added that the company was “treating impacted employees fairly and with respect” with outplacement support and severance packages that “exceed statutory requirements”.

Last month Butterfield announced it was axing 12 jobs here and 10 at its Cayman branch as a result of cost-cutting restructuring measures.

Butterfield said the 22 jobs would be moved to the company's support services centre in Halifax, Nova Scotia.

In April, 11 people lost their jobs at the bank when their positions in Bermuda were made redundant, and more than 30 accepted early retirement packages.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon