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Bank to restructure

One of the island’s largest commercial banks is reportedly about to undergo some restructuring that would result in the closure of one of its branches, as well as job losses.

Information reaching Barbados TODAY is that the financial institution has already met with trade union representatives in an effort to effect the intended changes.

It is not yet clear which of its branches would be closing or when that exercise would take place.

“At a bank, we have just heard a story a couple days ago where about 300 people in Jamaica lost their work at the bank and one of the banks in Barbados had similar discussion with [the trade union on Friday] and they are making plans to restructure,” said the source.

Hinting at the possible reason for the intended closure of the branch, the source said: “Sometimes they have buildings too close to one another and generally they have the restructuring programmes when banks enter into mergers. So we expect that there will be some loss of jobs in at least one bank very shortly but that is something that will be formally going to the public in a couple of weeks”.

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