By NICO SCAVELLA
Tribune Staff Reporter
nscavella@tribunemedia.net
THE impending layoffs of an estimated 50 employees from Scotiabank highlights the government’s failure to “grow the economy,” according to Democratic National Alliance Leader Branville McCartney.
He added that the government is doing nothing to give hope or show that they are going to develop or produce employment.
Mr McCartney called the impending layoffs at Scotiabank (Bahamas) “unfortunate,” but subsequently blasted the government for not doing “anything to give confidence to Bahamians that there is a light at the end of the tunnel”.
Mr McCartney also called for Scotiabank to exercise “fairness” and “ensure that persons are compensated in terms of what they are entitled to under the law.”
He added: “The government has failed to introduce new industries to this economy. They have failed to build this economy. This government has not done anything to give confidence to the Bahamian people that there is a light at the end of the tunnel. Nothing.
“There is nothing the government is saying to give hope or to show that they are going to develop and produce employment in this country. The only thing they said is that Baha Mar is coming. But Baha Mar is not going to be the saviour of our economy.”
Mr McCartney’s statements come after Scotiabank confirmed on Monday that the restructuring of its branch network is projected to leave an estimated 50 people unemployed. However, officials said they were working to minimise the impact.
The company said the restructuring would lead to six branch closures and the downsizing of two others.
“I certainly wish that this did not have to happen,” Mr McCartney said. “It shows the economy is shrinking. It shows the economy is not growing, and that is supposed to be our second industry, banking and finance.
“But (Scotiabank) is doing it, I would imagine, based on how our economy is. And our economy must not be making money for them.”
On Monday, Free National Movement Leader Dr Hubert Minnis raised concerns that an additional 50 people will be added to the unemployment line.
He appealed to bank executives to remain sensitive to the financial obligations of those affected.
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