News Release: Hamilton, Bermuda – Premier David Burt today expressed his displeasure on the news of job losses at Butterfield Bank.

“This Government is disappointed at the loss of Bermudian jobs announced today by Butterfield Bank especially in light of their recently announced record profits for 2018.  We are also concerned about the impact that these redundancies and early retirements have had on the affected employees.

“It is clear that Bermuda requires greater diversification in the banking sector to create more employment opportunities for Bermudians and more banking choices for Bermudian consumers. Consequently, the government will increase our efforts to diversify our banking sector as a matter of national priority.

“In 2009 the Government of Bermuda stepped in to assist Butterfield Bank when its future, the security of depositors deposits and Bermudian jobs were in jeopardy. For the Bermudian workers who have been made redundant today, the government intends to be there for you, just as we were for Butterfield Bank in 2009.

“I have asked the Minister responsible for Workforce Development to make available the full array of services at her disposal to ensure that the affected employees are aware of and where applicable, paired with suitable employment opportunities, training or retraining needed to get them back to work. As Butterfield Bank has obligations to their shareholders, the Bermudians who now find themselves out of work have obligations to their families. We will do everything in our power to ensure that those former employees of Butterfield have the support needed to get through this difficult period.”