Job losses and positive aspects as Constancy restructures financial institution

Cayman News Service

Fidelity Financial Centre, West Bay Road

(CNS): Fidelity Bank (Cayman) Limited is in the process of “organisational transformation” following the acquisition by the PROVEN Group from the Fidelity Group earlier this year. While new jobs are being created, officials confirmed that four long-standing managers’ jobs have been lost as they “no longer fit with the structure of the company”, and those local staff have been let go. The bank said the former employees were given “payments significantly above statutory requirements including employment assistance and healthcare”.

The branch on the West Bay Road is transitioning into a corporate and private banking centre with new and different roles, while tellers will be added to the branch on Dr Roy’s Drive, which will now be open for longer hours, according to a press release from the bank. Staff have been promoted as part of the reorganisation and further opportunities will open up as the bank grows, and some…