BFSU Warns Of More Layoffs

Last week, 12 line staff and 12 managers at the Ansbacher Bank were laid off as a part of a restructuring exercise at the private bank.

In a recent press release, union president Theresa Mortimer said more lay-offs are to come.

Mrs. Mortimer said her union can unequivocally state that the private sector is moving along quietly to cut back on the number of employees.

"Employers are moving ahead with the restructuring exercises leading to downsizing or right-sizing on a scheduled timeframe, so that there is little resemblance to large redundancies found in the hotel sector," she said.

"Undue pressure is being put on many employees in the finance sector to meet unrealistic goals and work to cover duties where others have exited the organization – all under the guise of adjusting to the economic situation."

The president warned that plans are underway in many financial institutions for redundancies via early retirements, natural attrition and terminations for any breach, regardless of error.

"The BFSU does not support any wrongdoing, but wants employers to be considerate of pressure being placed on employees in the sector who are going to work each day uncertain when or if that day is the last day of their company," she said.

State Minister for Finance Zhivargo Laing, in a recent address to the United Nations, noted that the country’s domestic financial system remains sound, but noted that there are some issues in offshore banking.

"Our international financial services sector is being challenged by actions in some developed countries that have erroneously sought to place the blame for the current financial crisis on small offshore financial centres," he said. "Furthermore other initiatives which bear down unevenly on offshore financial centres are also currently advancing."

Mrs. Mortimer said the union is aware that Minister Laing has said that he knows of no other pending layoffs because they are below the radar.

"This may be because the reduction of employees remains below the radar due to the concealed downsizing policies of local employers and thus neither the minister nor the public is aware of its magnitude," she said.

On Sunday, Prime Minister Hubert Ingraham said there is no way that the government could know about all firings that happen in the country at one time.

"They should tell the government," he said. "How would I know who gets fired in The Bahamas everyday or even hired everyday. I would love to know who is employed. I don’t need to know their names, but I would like to know and their positions."