By TANEKA THOMPSON
Tribune News Editor
tmthompson@tribunemedia.net
SCOTIABANK (Bahamas) will soon close seven branches throughout the country, a move that will affect approximately 50 employees, a source within the Christie administration confirmed yesterday.
The well-placed source, who did not want to be identified, said the Canadian bank has plans to close its two branches in Long Island and two in Eleuthera.
The bank will close three locations in New Providence – East Street and Wulff Road, Caves Village and one at the Hilton’s Centre of Commerce.
This is expected to leave some 50 people out of work, the source added. It is unclear when the closures will take place, however restructuring will take place in a couple of months and is expected to run through the rest of the year
On Thursday, Prime Minister Perry Christie hinted at the imminent possibility of layoffs at a local “major” bank during a speech to College of the Bahamas journalism students.
“A meeting I had also with a bank, a major bank today (Thursday), the bank came…to tell me that they will shortly be talking about laying off some people because banks are going through consolidation,” Mr Christie said. “And I will leave (the rest) to them. That’s another experience that I sat through today. How do you work in a meaningful way to protect the rights of Bahamians and what happens when Bahamians are laid off and their families and so forth?”
This follows significant layoffs by other Canadian owned-banks, including the Royal Bank of Canada and CIBC FirstCaribbean.
Comments
proudloudandfnm 9 years ago
So much for Perry's economic resurgence....
DonAnthony 9 years ago
Devastating for Long Island which is left with just one bank in Grays, a 35 mile drive from either the northern or southern tip of the island. Most of all I feel for the employees some of whom drove over an hour everyday to get to work, and we're dedicated and took pride in their jobs. Scotia rewarded them by laying them off and they have no realistic prospect of employment on an island that is an in an economic depression. Well done Mr. Christie, in your current delusion you would call this job creation.
DonAnthony 9 years ago
By the way scotia earned 5.7 BILLION in net income last year, as much as our national debt. How is that for a wonderful corporate citizen?
duppyVAT 9 years ago
THERE ARE MORE NUMBERS HOUSES "BANKS" THAN REAL BANKS IN TOWN AND THE FAMILY ISLANDS ................... EVEN ON THE ISLANDS WITH NO BANK YOU WILL FIND A NUMBERS HOUSE DOING BANKING BUSINESS.
WHICH BRANCHES ARE THEY CLOSING IN THE FAMILY ISLANDS????????? WHY?????
Emac 9 years ago
This downsizing is not just happening in the Bahamas. Major corporations around the world are outsourcing, even those making exhorbintant profits. This is the age of technology, which means that a worker in the Bahamas is competing for the same job with a worker in India. So tell me which employee has the edge on holding on to their job? The Bahamian worker or the Indian worker? Everyone knows that answer to that question.
Bahamians will suffer the most as global businesses restructure. Unfortunately most Bahamians are holding on to that false hope that their jobs are secured forever because the late L.O, Pindling said so or they are a part of a union. This government in particular will always keep the average Bahamian worker in the dark regarding their status of employment. The PLP is good at feeding false hope to its ignorant voters, by telling them that all is well and that "we will take care of you no matter what." After all, it was the PLP that won the election based on the slogan "Putting Bahamians first."
When all as been said and done, this is a good thing for Bahamians. Sadly, the majority of Bahamians need a jolt of lighteneing to wake them up from their fantasy. Indeed, those who improve their skills and possess good work ethics will survive the storm.
arussell 9 years ago
Most ppl on the family islands use the web shops to deposit monies to send to other islands. I guess Scotia saw a decrease in business....
duppyVAT 9 years ago
Even the legal clearing banks are giving up on Long Island and Eleuthera!!!!!!!!!!! The writing is really on the wall for these Family Islands who do not have banks now (6), or whose established banks are pulling back (4) ....... its only a matter of time before the bush will reclaim these islands .............. SIGH. Do we have a government who cares about Bahamians????
TheMadHatter 9 years ago
The Haitians are taking over Spanish Wells, and Harbour Island, and Royal Island in north Eleuthera.
Clearly no banks are needed for cash-only operations.
John 9 years ago
The Great Depression lasted 12 years. Unemployment in the USA hit 25% and many businesses saw their sales fall off by 50%. A whole lot of banks were among many businesses that closed.
John 9 years ago
Many Bahamian businesses have not turned a profit in eight years . Only because the owners/shareholders continue to inject funds into these businesses that they are still open. Those that didn't have excess funds or whose funds dried up have closed. Banks are barely making any significant new loans. They have billions in deposits they don't want to risk lending out, so the persons who have large deposits are receiving little or no returns, whie the consumers who have loans are paying a premium for them.
duppyVAT 9 years ago
The Bahamas has depended too much on foreign banks and foreign investors ............... its time to promote Bahamian credit unions and small tourist niche market resorts to promote local ownership and wealth
asiseeit 9 years ago
it's OK, Bah Mar is open, will open, might open, and these set can apply to be maids, waiters, or bartenders. Or even better when NHI rolls out they can get a job with government. Also they could start mining aragonite or wait until BPC hits oil. Best of all, election time coming so they could always get on board with a PLP and give out T-shirts with 100 dollar bills. Come on people we have to believe in Bahamians! Believe and all will be provided.
Sickened 9 years ago
I believe!!! Vote PLP again so that we can continue down this road of success for Bahamians!!! Hold on. Something I wrote doesn't sound right. Let me check.... Oops! Sorry! I typed it ALL wrong. It's supposed to be the opposite. My bad!
Sign in to comment
Or login with:
OpenID