Bank remains mum on local job losses

| 11/11/2014

(CNS Business): Following the announcement last week by Canada’s Scotiabank that it will be closing some 35 branches in the Caribbean region, with a potential loss of over 500 jobs, it is not clear how many of them will be in the Cayman Islands. Ahead of its fourth quarter earnings announcement next month, the bank said that due to the prolonged economic recovery and continued uncertain outlook it was restructuring in order to improve the speed and quality of service, to reduce costs and to achieve greater operational efficiencies but it has not yet revealed where the cuts will be. A spokesperson for the bank told CNS that the assessment of the downsizing was not yet complete and would not say if any of Cayman’s three branches would be effected. Read more on CNS Business

Category: Business

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