BERMUDA-FINANCE-Job cuts at Butterfield Bank

HAMILTON, Bermuda, CMC - Six employees from the Operations and Custody Departments at the Bank Butterfield have been made redundant and a further ten redundancies will be made in August.
Senior Executive Vice President, Micahel Collins who made the announcement on Wednesday said there were three reasons that led to the layoffs.

“We have new technologies and we have the same banking system in Bermuda and also in Cayman. It has a lot more straight through processing which means there’s a lot less manual processing that our employees have to do.”
He said the second factor is that customers prefer to bank online, which means there less manual processing is done by employees and less work for them to do.