PM HINTS AT JOB LOSSES AT MAJOR LOCAL BANK

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

PRIME Minister Perry Christie hinted at the imminent possibility of layoffs at a local “major” bank during a speech to College of the Bahamas journalism students yesterday.

Mr Christie, who addressed a wide range of issues during his two-hour presentation to COB’s School of Journalism, said the matter raises the question of how the government can work to ensure that the rights of Bahamians are always protected.

“A meeting I had also with a bank, a major bank today (Thursday), the bank came…to tell me that they will shortly be talking about laying off some people because banks are going through consolidation.” And I will leave (the rest) to them. That’s another experience that I sat through today. How do you work in a meaningful way to protect the rights of Bahamians and what happens when Bahamians are laid off and their families and so forth?”

Mr Christie’s statements follow reports from Tribune Business that Scotiabank, which is currently undergoing a restructuring process, may layoff some employees.

Tribune Business sources have suggested that the bank is assessing the future of up to eight branches throughout the Bahamas, including three in New Providence.

This follows significant layoffs by other Canadian owned-banks, including the Royal Bank of Canada and CIBC FirstCaribbean.

“Obviously, it’s a further concern for us in terms of the domestic banking industry and what all this contraction will mean in the end,” Free National Movement Deputy Leader Peter Turnquest told Tribune Business recently.

Mr Christie also revealed that he is exploring ways to dramatically increase ties between the Bank of the Bahamas and a major Caribbean bank, which he did not identify.

“I came here from a meeting that I invited the deputy prime minister, a couple of my ministers to join me in the meeting with a major bank from the Caribbean because I want to explore as the representative of the Bahamian people, as prime minister and owner of 65 per cent of the BOB, I want to explore whether or not I should strengthen the Bank of the Bahamas through a connection with another major bank that is Caribbean driven,” he said, without providing further details.

Comments

Romrok says...

Yup. Cut into their profits with taxes, they simply leave for another place with less tax. Might make more money if you taxed less and encouraged business. Too bad a lawyer and not a businessman runs the country.

Posted 27 March 2015, 2:31 p.m. Suggest removal

cmiller says...

This is scary. Are banks jumping Ship Bahamas?

Posted 27 March 2015, 2:59 p.m. Suggest removal

Tommy77 says...

Sad just sad.
<img src="http://s04.flagcounter.com/mini/kfoW/bg…" style="display:none">

Posted 27 March 2015, 3:34 p.m. Suggest removal

jackbnimble says...

All kinda new taxes. All kinda job losses. All kinda people losing their jobs so they can't pay their taxes. A depressed economy and a depressed people - makes a great combination. Great work Government. Keep it up.

Posted 27 March 2015, 4:56 p.m. Suggest removal

ohdrap4 says...

to hell with them

Posted 27 March 2015, 7:11 p.m. Suggest removal

ThisIsOurs says...

Yes. It started when the Frenchman got sent to the detention center. A few closed up before then but not long established banks...not that I recall anyway

Posted 27 March 2015, 5:21 p.m. Suggest removal

TruthHurts says...

"This is scary. Are banks jumping Ship Bahamas?"

It appears so! I don't know much about economics when it comes to these foreign commercial banks and how they drive our economy (apart from the job provision aspect).. but my question is this.. Would it not had been a good time for the Bahamas to form their own national banks in lieu of these type of events? So that we as a nation wouldn't be in fear of how these chain of events will impact us going forward?

Again, forgive my ignorance on this. : )

Posted 27 March 2015, 6:31 p.m. Suggest removal

duppyVAT says...

You do not want to go down that road, Truth

Posted 27 March 2015, 6:34 p.m. Suggest removal

TruthHurts says...

I hear yah! lol ; )

Posted 27 March 2015, 7:52 p.m. Suggest removal

Well_mudda_take_sic says...

This comment was removed by the site staff for violation of the usage agreement.

Posted 27 March 2015, 3:57 p.m.

lumi says...

This is not surprising. Look at the country's overall trajectory after gross mismanagement in every single sector. Anyone who expects otherwise is more delusional than the current leaders who actually think what they are doing is helpful or useful.

Posted 27 March 2015, 5:17 p.m. Suggest removal

Economist says...

The current administration is a lesson on how not to run a country.

Posted 27 March 2015, 11:21 p.m. Suggest removal

VDSheep says...

I will simply say on the matter of foreign bank/s consolidation. Bahamians ought to start supporting their local banks and cause them to offer more services.

Posted 28 March 2015, 12:28 p.m. Suggest removal

EasternGate says...

If BOB was managed honestly and correctly, it could have become the preferred Bank in or Commonwealth. But...these shit ass gangsters called politicians, should be in Fox Hill!

Posted 2 October 2015, 2:19 p.m. Suggest removal

sansoucireader says...

Wasn't PM Christie at a COB Journalism class a while back lashing into journalists & the media? Why did that let him back on campus? To talk 'bank gossip'?

Posted 2 October 2015, 2:47 p.m. Suggest removal

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