Thirteen staff made redundant at Capital G (Update)

THURSDAY, OCT. 11: Capital G Bank announced 13 people were made redundant today.

The Bank said in order to operate more efficiently it had to let the 12 Bermudians and one guest worker go in order for Cap G “to better achieve success in the future.”

One employee told the Bermuda Sun, “They just fired a bunch of people across the Bank and (also announced) redundancies. No one knows why or what’s going on yet.”

The employees worked in a variety of functions within the bank including credit operations, marketing, information technology, product management, human resources and finance.

Prior to the job cuts Capital G employed 215 employees of which more than 80 per cent are Bermudian.

Earlier this year Cap G opened a second branch at the corners of Church and Par-la-Ville.

A spokesperson for the Bank said, “Capital G remains in a strong position to grow in Bermuda and other jurisdictions with a highly qualified, experienced and committed workforce, approximately $1.2 billion in deposits, more than $1 billion in assets under management and a new robust core banking system.”

Ian Truran, president and CEO of Capital G Bank Limited & Capital G Trust Limited said in a press release: “There is no doubt that today’s announcement is difficult for us as a bank which prides itself on strong family values. We are not unlike other banks around the world which have re-aligned their resources to respond to the ever-changing global economic environment.”

“We have made every effort over the last several years to recruit, retain and develop Bermudian talent. Today’s redundancies were unfortunately a necessary step in Capital G’s continued growth as a financial institution,” continued Mr. Truran.

Capital G has extended certain benefits beyond statutory minimums and made every effort to offer employees information and advice which may assist in securing future employment.

In addition, prior to making the redundancies, Capital G consulted with the Ministry of Economy, Trade and Industry and as a result the Department of Labour and Training will assist where possible in securing alternative employment for those affected.

Patrice Minors, Minister of Economy, Trade and Industry said: “I am disappointed to learn of the job loss, but I am confident in the Department’s ability to assist those affected. It is imperative that all unemployed persons are registered with the Department.”