By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas Financial Services Union’s (BFSU) president said yesterday further job losses in the sector were likely in 2015.
Theresa Mortimer said Scotiabank’s plans to cut 1,500 jobs, roughly two-thirds of them in Canada, and close 120 branches in the Caribbean and Mexico would almost certainly impact the Bahamas in 2015.
“Those haven’t closed as yet. That’s going to happen in the next year. That’s jobs right there,” she said.
“The employment market is opening up on us big time but no one seems to notice or care. I don’t know why. No one seems to care. At the rate things are going we will soon not have a financial services sector. The financial services sector was the largest next to tourism. It’s really sad what has happened over the year.”
Royal Bank of Canada recently revealed it would be withdrawing from the private wealth management business across the Caribbean, a move that would affect 30 jobs locally. The move follows a Caribbean-wide restructuring earlier this year, with RBC selling its Jamaican operations to Sagicor.
Fellow Canadian banks, CIBC FirstCaribbean International Bank and Scotiabank, have also initiated downsizing to cut costs and combat heavy loan losses that have reduced profitability in both the Bahamas and the Caribbean.
Back in January, Scotiabank (Bahamas) announced plans to “centralise’ some of its Bahamian back office functions into its Trinidad & Tobago hub.
And in February 2014, CIBC First Caribbean International Bank (FCIB) announced plans to cut 66 jobs from its Bahamian workforce, revealing that those posts would be outsourced to Jamaica.
Regarding financial services minister, Ryan Pinders’s, decision to leave his Cabinet post and join Deltec, Ms Mortimer said: “He was never here as far as I’m concerned. I never met with the man. I was supposed to meet with him on two occasions and he couldn’t meet with me.
“I went twice and I didn’t go any more. I don’t have anything to say about the man. We never had a relationship so it makes no difference to me what he does. He never had time to meet with the union so that’s the end of that.”
Comments
asiseeit 9 years, 4 months ago
These people better learn how to sell numbers, wash cars, or some other menial job. Those good paying middle class jobs are a thing of the past. Think manager of a liquor store/ gas station or work in the hotel industry, yinna could bar tend or make bed. That is where we are headed. Yup the future looks bright!
Well_mudda_take_sic 9 years, 4 months ago
Perry Christie and Ryan Pinder have obliterated the financial services sector of our economy.
GrassRoot 9 years, 4 months ago
speaking of which, who will be working on the promise that RBCs private wealth management book stays in Nassau, Mr Pinder? Maybe his future employer Deltec will buy this, so he knew more?
happyfly 9 years, 4 months ago
I'd love to know what the statistics are for people employed in the BFSS since the union got their knit picking hands on the industry ? At least now they have a representative to tell them the work business is moving ( to countries where the unions aint )
Sickened 9 years, 4 months ago
The PLP's true objective is now so clear to me. GET RID OF THE MIDDLE CLASS! Like most corrupt nations where the government is desperate to stay in power, their first order of business is to get rid of the educated/middle class. Pindling started it by keeping the masses undereducated. Sure he opened plenty of schools and taught kids to read and write, but he didn't teach them to read and write at a high level. You teach them just enough to get a menial job where they are semi-independent but keep them just poor enough to depend on the government for jobs and christmas turkey. Now that the middle class has slowly grown to a formidable force where they are questioning the government and what to stop corruption, the PLP have decided to thin the ranks. Those people earning between $30k and $100k a year will see their jobs disappear. The level of education will stay exactly where it is and the undereducated masses will again rule the voting booths. Result? The PLP will stay in power for another 30 years. The middle class just hopes that the PLP leave that out islands alone, as that is where they all will be.
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