Jamaica Money Market Brokers (JMMB) is to make 50 jobs redundant come March.

The company, which announced a 119 per cent rise in profits to $1.8 billion during the last nine months of 2008 with earnings per stock of $1.21, said the staff cuts were part of a restructuring that reflects its projection of continued recession throughout 2009. It said it would refocus on its core business of brokering securities with high interest rates and falling inflation offering good rates of return to clients.

“It was imperative that we analysed the market outlook, made choices, realigned and continued to drive toward shareholder value. We are confident that we are poised to take advantage of the opportunities and can deliver ongoing growth,” said Keith Duncan, chief executive officer of JMMB, in a statement yesterday evening.

Besides the redundancies, representing 14 per cent of JMMB’s overall staff complement, other staff will also be affected. Some staff will be reassigned and others will be moved to a four-day week or contract and project work.

Affected staff, the company said, will be offered counselling, life planning, coaching, monthly check-ins for up to six months along with a redundancy package which includes extended health insurance and up to nine months moratorium on loan payments.