By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net
JOB losses are imminent at RBC Royal Bank as it moves to better manage operating costs in a low-growth environment, managing director Nathaniel Beneby confirmed yesterday.
Although cost-saving initiatives will make redundancies inevitable, Mr Beneby maintained that impacted employees have the option of applying for alternative positions within the bank, or an enhanced separation package.
While he could not confirm how many jobs have been made redundant as the bank’s “holistic” review of costs continues, Mr Beneby said he was confident that net reductions would be “favourable”.
Mr Beneby made the confirmation at a press conference on the establishment of a third shared banking location with RBC Finco.
RBC Finco’s main branch will be moved from the Financial Centre on Shirley and Charlotte Streets to RBC Royal Bank’s main branch on Bay Street.
RBC Finco’s Mortgage Centre, located at the Prince Charles Shopping Plaza, also will be consolidated with services to be offered at the shared banking location on Carmichael Road.
The shared locations will feature shared teller services, such as cheque cashing, deposits, and other over-the-counter services, to allow for a more convenient customer service line.
“There will be job redundancies as a result of these initiatives,” he said. “The good news is that those employees that are impacted are looking and applying for other job opportunities within RBC and in fact some of them have already secured alternative positions within RBC.
“The net reduction has not been finally determined, but as a leading and responsible corporate citizen Royal Bank respects and values its employees and those who will be disengaged we have enhanced packages.
“We are providing very strong support to our employees, we value their contributions over the years, but, of course, these are changing times and circumstances where we have to make these decisions that are never easy. But we want to assure you that we are providing very strong support and enhanced packages.”
The changes will be effective May 5 at the RBC Carmichael Branch; May 12 at the Bay Street branch and May 19 at the RBC Freeport branch in Grand Bahama.
Comments
SP 10 years ago
The FNM and PLP are unable to DO THE MATH to understand the economic "trickle down" effect of eliminating mass's of blue collar workers which are the cornerstone of any country due to the shear volume of them.
1) Selling $40M in blue collar job work permits at $1,500.00 each = 26,666,666 work permits.
2) That means 26,666,666 Bahamians have been displaced from the job market
3) 26,666,666 Bahamians are no longer able to shop & pump money into the local economy
4) 26,666,666 Asians, Haitians, Latinos etc. WILL NOT spend money in the local economy. Their income is either saved or repatriated to home countries. They will not spend $7.00 for Kentucky snacks or $10.00 for a conch dinner....Where their from they live on $2.00 a day.
5) Banks and local business's rely on the circulation of money...Which now exits the system.
6) Less money in circulation means overall less volume for banks.
7) Less volume for banks means reduced need for manpower.
8) Less need for manpower means cutbacks in manpower
The economy is in rapid free fall. Business's that were intrenched for decades and banks are folding and/or cutting back and once successful upper and middle class Bahamians are losing homes, business's and everything else they and in many cases their parents worked to achieve in 40 years.
Economic growth has not kept place with population growth for 40 years.
This downward spiral will not stop when Baha Mar, Albany etc come on stream. They cannot absorb 26,666,666 employee's & 5,000 school graduates annually.
SOLUTION
Get rid of all nonessential blue and white collar workers.
Foreigners that insist they do not want to employ Bahamians should be asked to MOVE to the country they wish to employ people from....NOW!!
They will destroy our country...Then leave as unemployment causes crime to escalate anyway.
DreamerX 10 years ago
Man, you write amazing satire.
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