Butterfield Bank *File photo
Butterfield Bank *File photo

Butterfield Bank officials said they were not trying to sugar coat the impending loss of 18 employees, but they were doing their best to treat staff “fairly and with respect”.

This comes as the Bank announced six redundancies on Wednesday with an additional 10 people in Bermuda and two in Cayman to be let go in August after it restructures its Operations and Investment Services department.

Michael Collins, senior executive vice president for the Bank, said: “We feel like we’ve treated people fairly and with respect and have done as much as we can in the terms of severance payments; the extension of banking and medical payments; and employment counselling and support, but we’re under no illusions that it’s a difficult time for people to be made redundant. 

“We’re not trying to sugar coat it. We understand how difficult it is.”

Donna Harvey Maybury, executive vice president, group head of human resources, added it was not easy to tell the employees that they were being made redundant and that there were more to come, the staff were appreciative that the Bank was being up front with them.

She said: “While the message wasn’t ideal, some of the feedback that we received was an appreciation that we are being transparent. 

That someone has come and talked them through this as opposed to sending a message that some redundancies took place.”

She said it wasn’t easy to make the staff redundant because they are family.

“We do look at the severance package; we do look at the benefits. We look at what we need to do at a difficult time for employees. There are tears from the people who leave us and there tears from the people who remain.

Ms Harvey Maybury added: “We are a community bank and our employees are a part of the community. Our employees are not just employees, they’re customers, they have families who are customers, and they’re shareholders in some cases.

“It is about a relationship. Just because the employment relationship has come to an end, we need to be mindful of the other parts of the relationship. Michael is right — it is never easy to do this and if it ever becomes easy to do this then you need to change profession.”