Rickert Allen, senior general manager, Group Human Resources Division of National Commercial Bank Jamaica Limited (NCB) said Tuesday that employees separated from the bank on September 13 were workers from all divisions and levels, including senior managers, managers, management support and administrative support.
Staff at the bank has been cut from a of total 2,469 to 2,425 or just about two per cent. Forty one workers were made redundant while three chose to retire, Rickert said.
On Friday, the banking group said it was developing a lean operating model as a part of a wider transformation strategy leading to expansion in the Caribbean.
Rickert said it was a reference to the acquisition of AIC Finance - a company owned by NCB chairman Michael Lee-Chin - which operates in Trinidad & Tobago. The bank's wealth subsidiary, NCB Capital Markets Limited, is acquiring the company for US$2.3 million but Rickert said on Tuesday that the deal is still awaiting regulatory approval.
Springboard into Eastern Carib markets
NCB aims to use the new acquisition as a springboard into Eastern Caribbean markets.
"Trinidad & Tobago is the strongest economy in the eastern Caribbean and will provide us access to other markets," Rickert told Wednesday Business.
Declining to state the cost of the redundancy exercise, Rickert said that the formula for payment of workers was "much more generous than statute".
The job cuts follow a review of operating processes and the "subsequent design and implementation of the staffing mix required to support the reconfigured model." The release noted that functions associated with some job positions have ceased to exist.
"As a company, we explore all options before we consider separation. To the extent that we are not able to redeploy internally, separation becomes the final option," NCB said.
NCB Capital Markets is a subsidiary of NCB. The banking group is owned more than 60 per cent by Lee-Chin.