Wednesday, April 17, 2024

Bank cuts

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STAFF LAYOFFS are looming at CIBC FirstCaribbean Bank in light of heavy expenses having to be set aside for bad loans.
The bank, which boasts branches in 17 Caribbean territories, is particularly concerned about its heavy loan loss provisioning in Barbados and The Bahamas, and has therefore undertaken a restructuring programme that could lead to layoffs, starting with voluntary separation packages in the next few weeks.
The bank’s corporate communications director Debra King confirmed yesterday that CIBC FirstCaribbean had written employees across the region, including those on holiday and various forms of leave, indicating that it was embarking on the restructuring programme.
“We have outlined a plan of offering separation packages and early retirement to employees who qualify and who wish to exercise that option. We will assess any need for further action only after that programme is completed,” she told the DAILY NATION in a prepared statement.

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