Bridgetown.
CIBC First Caribbean Bank is embarking on a restructuring programme that could lead to layoffs, begining with a voluntary separation packages in the next few weeks.
CIBC FirstCaribbean Bank which has branches in 17 Caribbean Islands is concerned about its heavy loan loss provisioning in Barbados and The Bahamas.
The bank’s corporate communications director Debra King confirmed that the bank had written employees across the region, including those on holiday and various forms of leave, informing them of the restructuring programme.
“We have outlined a plan of offering separation packages and early retirement to employees who qualify and who wish to exercise that option. We will assess any need for further action only after that programme is completed,” King said.
