Financial institution reducing jobs in world restructure : Cayman Information Service

Butterfield Bank, Cayman News Service

Butterfield Bank, George Town

(CNS): Butterfield Bank is reducing its global workforce by around 9%, with the possible loss of 20 jobs here in the Cayman Islands. Officials from the bank told CNS Thursday that it will continue to operate in all of the jurisdictions where it currently has a presence, and there will be no changes to the products and services offered to clients.

“Butterfield regularly evaluates its operations, capital levels and efficiency according to market conditions and business needs,” a spokesperson said. “Regrettably, some roles across the business have been impacted as part of a Group restructure to position ourselves for the future.”

In a memo circulating locally to staff last month, Butterfield CEO Michael Collins said that the redundancies were effective immediately.

According to its 2022 annual report, the bank at that time employed 413 people in Bermuda, 244 in the Cayman Islands, and 1,341 globally, but officials have not said…