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Retail bank cutting local jobs

| 26/02/2015 | 4 Comments

(CNS Business): Workers at the Airport branch of Scotiabank have become the latest victims in the financial services sector to face job losses. Officials from the bank said the branch is being closed in order to consolidate it with the new office in South Sound. As a result there will be job cuts but the bank has not stated how many.

Officials from the Canadian bank sad Scotia will be providing training opportunities to prepare workers and will give priority to impacted staff who are already qualified for available jobs in the bank.

In a release Thursday, the bank stated that the consolidation would take around three months, with the Airport branch closing at the end of May.

“Like any organization, we continually review our operations to ensure we are operating in an efficient and customer focused way. This consolidation will help us to concentrate our resources to better serve our customers in the future and remain competitive. We anticipate the transition to be a smooth process with minimal interruption to customer service,” officials stated.

Asked by CNS how many jobs were at risk, the bank did not give a figure but repeated comments in its original release.

“Currently, we are working to place impacted employees by offering training opportunities to prepare them for future positions and giving priority placement to employees who are qualified for available positions within the bank,” a spokesperson said.

The bank said it was committed to supporting employees through this transition and staying true to its principles of treating employees fairly, equitably and with respect.

Last year the bank announced plans to close as many as 35 branches in the region but officials said that there were no current plans to close other branches in the Cayman Islands.

“Scotiabank continues to see the Caribbean region as an important part of our international footprint and remain committed to the Cayman Islands and the local community. Currently, we do not have any plans to consolidate other branch locations. We have a long history in the Caribbean — 125 years in the Region and 50 years in the Cayman Islands — and we remain the pre-eminent bank in the Caribbean,” a spokesperson said.

The news of job cuts comes when some 60 jobs are at risk at the Caledonian bank following its collapse in the wake of a financial scandal and after the closure of the Royal Bank of Canada’s wealth management business in the Caribbean, also impacting local jobs.

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Category: Employment, Finance, Financial Services, Local Business

Comments (4)

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  1. Anonymous says:

    Pretty straight forward business case. Make buckets of money for lots of years.

    See a little less coming in, so cut back a little on service. Cut back a little more as profits dwindle because customers maybe no longer are required to use this bank and have other options.

    How to make more money on less customers? Raise the fees! More customers leave… How to keep the hog fat? Reduce the service!

    Guess what folks… It will take about two months of 45 minute line ups on Friday in Red Bay and you will have more and more customers leaving.

    But they know this… So what is the agenda?

    Sign Me…

    A former customer.

  2. Anonymous says:

    That’s crazy, the airport branch is busy and in a super convenient location for its customers.
    I hope all the lovely ladies from the airport branch still have jobs.

  3. Anonymous says:

    Scotiabank in Cayman is like a sinking ship. In another year or so you will hear that they close their doors for good. The service is so poor XXXXX. Sorry for those that are losing their jobs but it will likely work out better when you find a better organisation to work for.

    • Anonymous says:

      That’s true, I am a Scotia Customer and have to regularly check my online statement as there are so many mistakes. I have also had them call me to see if I made any transactions that day and what they were for.
      Their charges are extortionate too.

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