NCB terminates long-standing employees

Six employees of the National Commercial Bank (NCB) were sacked on Wednesday, June 10, 2009, with immediate effect.

It is reported that the four women and two men received letters on Wednesday, June 10th, 2009, informing them of their termination.{{more}} A source claims that the workers were asked to leave the bank immediately.

SEARCHLIGHT also understands that at 3:30 p.m. on Wednesday, a meeting was called at some of the NCB’s branches to inform the staff of what had transpired. At at least two of the branches, it is claimed that the staff were given the names of the persons who had been terminated and were assured that they should not worry.

SEARCHLIGHT has been reliably informed that the employees who were sent home had each served the bank for between 20 and 30 years.

When contacted on Tuesday, June 9th, 2009, Deputy Chief Executive Officer of the NCB, Derry Williams, had told SEARCHLIGHT he could not immediately comment on the issue.

However, at press time Wednesday, a statement from the Management of the Bank said: “Regrettably, after careful consideration, the Bank has decided on making certain staff positions redundant, with effect from June 10, 2009.”

The release added: “The upheavals of the past eighteen months, whilst mainly centred in the developed world, have had a significant impact on economic activity across the globe. The impact has been felt with particular severity in the financial industry. The regional experience has been no exception.”

The Bank further stated that in thecurrent financial and economic climate, as is the case with every other responsible financial institution, it is challenged to examine all available options for maintaining the long-term viability of the institution.

According to the release: “Careful analysis indicates that a substantive degree of enhanced operational efficiency will be immediately attainable through a process of reorganization and rationalization of staff resources.”

The release ended with the bank using the opportunity to reassure its customers of its continued commitment to quality service and the financial soundness and integrity of the institution.

The NCB reported record profits in 2007 and 2008 of EC$14.22 million and EC$15.82 million, respectively.