UPDATE: Layoffs looming at FirstBank Tortola branch!
When the news of a consolidation plan for FirstBank first surfaced it was said that the Virgin Gorda branch would be closing its doors. This position still stands, this news site understands, but the branch at Tortola has been completely drawn into the frame.
According to the source, the employees at the Tortola branch of FirstBank have been informed that there will be a cut in the workforce. Employees are said to not be resting comfortably with the terms and conditions in the memo allegedly circulated.
Employees at Virgin Gorda, on the other hand, said they were surprised at the news of what’s taking place at Tortola as they were asked if they were willing to take up positions there when the VG branch closes.
Virgin Islands News Online is working on more details to this story.
See previous article posted October 15, 2013
FirstBank VG Branch closing in January 2014
- Sister bank in Puerto Rico outsources sections of its operations
Word is out that the handful of staff employed at FirstBank, Virgin Gorda Branch, is likely to be out of a job after the upcoming Christmas season as reliable sources close to the bank have informed Virgin Islands News Online that the Branch will be closed January 2014.
While it is not clear if the employees have been officially notified it was reported that most, if not all the employees, are aware of the hammer hovering over their heads. “You can compare their situation to that of LIME, they have a consolidation plan that will be taking effect at all the banks including Tortola, USVI and Puerto Rico,” alleged the source.
As word hit the streets, this news site made valiant efforts to reach the managers of both the Virgin Gorda and Tortola locations without success yesterday October 14, 2013.
It is not yet known what package is likely to be offered to the employees at Virgin Gorda or the facts about how the consolidation plan will affect employees at FirstBank, Tortola. “What I can tell you for sure is that FirstBank, Virgin Gorda will be closing for sure. There is no doubt or questions about that one, they are closing that branch,” alleged one of the sources.
Outsourcing
This news site understands that FirstBank VI has some linkage and rooting with FirstBank Puerto Rico and, based on findings of a research done by this news site, Fidelity National Insurance Services (FIS) has signed a 7-year outsourcing agreement with FirstBank in Puerto Rico.
According to the FIS release dated March 20, 2013, the agreement will see FIS assuming full on-site operational responsibility for the bank’s IT operations and staff. “A leading global provider of outsourcing solutions, this new deal is the first of its kind for FIS in the Caribbean,” stated the release.
The FIS release further stated, “Under the terms of this multi-year agreement, FIS will assume operational control of FirstBank Puerto Rico’s IT operations including hardware and software upgrades, application management, skilled operations personnel, help desk and desktop services. The resulting environment will enable the bank to realize lower operating costs, greater operational efficiencies and full regulatory compliance...”
It is believed that FirstBank in the VI and USVI are more than likely to fall under a similar initiative as part of the consolidation package.
Less than a month after furor arose among staff members of LIME BVI who were informed that they would be laid off, Canadian Imperial Bank of Commerce (CIBC) First Caribbean had announced its intention to chop the workforce in the VI. This was conveyed via a letter dated September 30, 2013.
This news site will keep you informed as the development unfolds.
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53 Responses to “UPDATE: Layoffs looming at FirstBank Tortola branch!”
I am not going to elect any old school politician any more. We need advance educated thinking individuals to run this country and not those waste of time playing the blame game and pocketing themselves and their crony friends all the money.
Just stop it with the scare tactics. Enough already. Do you have any idea how long the sky was suppose to fall? It is true things are shifting. Things are always going to shift. We use to have telephone operators, now we have cellular phones. We use to have 8-tracks and now we have MP3s. The little girl that you are raising now will grow up and get married. Things shift. Things change. Now what we should be doing is encouraging, where to scoop up on the opportunities instead of driving people with fear and uncertainty. May be it may mean Tortola is not working out for you at this stage of your life, so you move. May be it means that you may have to move in with a family member or merge families, but please do propagate this is the beginning, to be a bad thing.
Now having said that where are these HR Groups who are supposed to be counseling folks on this type thing? Seems like it would be the church but I just read where that preacher Cl**** is taking away people lil bit of livelihood with his e-nee-mi-ne-mi-ne-moo hand picking.
To the staff and anyone who has ever been through this, if no one ain't ever tell you, don't let this experience determine your worth. Your self confidence may take a hit, but find comfort in Jeremiah 29:11.
Sue shut the ... UP with your stupid ranting about New World Order etc. The world has been moving in cycles ever since the beginning of time. You all only glue your eyes to USA news. If you know about global happenings you would know that there are countries that are still asking what recession you talking about. Not everybody is going down and starving. Canada, South America, Asia and many others are experiencing growth, that's how it goes, in cycles and bubbles. Save all the other bulls..t for who cares to listen. SMH