Employers' Council fears more job losses are ahead

He spoke out after the Bank of Butterfield made 25 people redundant — as revealed by the Bermuda Sun online on Wednesday.

Mr. Law said: “The financial services sector has been affected quite heavily and it’s very difficult to call whether we are at the bottom of the downturn.

“We are seeing more redundancies, there’s no doubt about that.”

Mr. Law said the losses at the bank were not unexpected.

He added: “Any organisation that has had challenges has to look at its staffing and costs and that is what they have done.

“Everybody has been doing that — it came slower to Bermuda than in other places. We were late into it and will be later out of it.

“We’re advising our members to keep as many staff as they can, to survive and move on.

“We’re entering a new reality in Bermuda and things might not get back to where they were.

“It might be 10 per cent less than it used to be but that is still not a really bad place.

“Bermuda isn’t immune from the effects of 2008 but the U.K. has had a dreadful time, as has the U.S. A lot of economies are struggling so it is not surprising Bermuda is experiencing difficulties.”

The job losses at Bank of Butterfield, which employs more than 700 people in Bermuda, came as part of a restructuring process forced by a decline in business in some areas.

It is believed nine security guards are now redundant, along with a vice-president. The bank said: “A number of positions have been made redundant. They were in various areas and levels and it has impacted Bermudians and non-Bermudians.”

Jobs have gone in bank operations, marketing and communications and consumer credit.

The bank said: “This has been based on a need to restructure —– current business volumes in some areas require fewer employees.”