Another two senior managers will depart National Commercial Bank (NCB) at the end of the month.

Barbara Hume and Bernadette Barrow, senior assistant general manager and assistant general manager respectively in NCB’s retail banking division, will leave the financial institution at the end of December. Each will leave after having served 10 years at NCB.

The firm in a statement to the Business Observer said the development is in line with its “organizational transformation”.

“The National Commercial Bank Jamaica Limited continues to execute its organizational transformation strategy intended to position the company to achieve its strategic growth aspirations,” NCB said.

“In the context of this transformation initiative, the bank therefore advises that two of its senior managers in the retail banking division… will exit the institution effective December 31, 2013,” the company noted.

Both Hume and Barrow joined NCB in 2003.

Hume started NCB as a senior assistant general manager in the corporate banking division, after which she joined retail banking where she controlled a portfolio for enterprise loan underwriting and was also the unit head for middle market.

Barrows meanwhile began her tenure in private banking and was later transferred to start up NCB’s small and medium-sized enterprise (SME) segment. She had since expanded to managing the retail banking portfolio for sales and services.

“NCB would like to publicly express its gratitude to both senior managers, who have contributed their business acumen and leadership experience to facilitate strategy formulation and implementation within the group,” the company said.

It is just the latest departure of top female executives announced by NCB. Sheree Martin, the financial group’s general manager for customer experience and innovation division, left at the end of November. Prior to that, it was announced that Yvonne Clarke, NCB group financial controller, and corporate banking head Marjorie Seeberan will demit office at the end of December.

While it may appear that a disproportionate number of female executives are exiting the company as part of the restruturing, NCB group corporate communications manager Belinda Williams noted that the development is merely a reflection of the make up of the company, which has a large number of women in senior management.

“In reality, if you were to look at the senior management portfolio, 70 to 80 per cent of it is occupied by women,” Williams said. “So, what you will find during the transformational execrcise is that it will appear that more women are exiting,” she added.

Williams noted that there are more changes to come, highlighting that it is part of a drive to maintain a flatter structure.

NCB let go 41 employees in September after a critical review of its business model led the bank to embark on a number of supporting strategic initiatives. Prior to the redundancies the banking group had 2,469 staff members.

The firm reported a 15 per cent fall in annual net profit to $8.5 billion for the year ending September 30, 2013. Staff costs amounted to $9.8 billion for the year under review compared to $8.6 billion the year prior.