NASSAU, BAHAMAS — Deltec has indicated its intention to terminate 23 employees, with 11 already let go last week, as confirmed by Labour and Public Service Minister Pia Glover-Rolle.
Deltec in a statement on the lay-offs said, “In the ordinary course of business, the Bank has decided to realign its workforce. This strategic realignment is focused on consolidating the gains from its recent acquisition. Despite recent headlines and stories, the Deltec team grew the capabilities needed to accommodate a diverse portfolio for further profitability and sustainability and in this strategic realignment, will reiterate its positioning, which expands well beyond servicing the digital assets sector.”
It added, “The Bank is deeply grateful for the dedication and hard work of the team members that are impacted by this, and to support affected colleagues, has provided comprehensive severance packages, personalized career transition services, and job placement assistance in collaboration with the Ministry of Labour. Deltec Bank remains dedicated to its mission of providing exceptional banking services worldwide, is excited about the future, and is confident in its strategic direction, supported by a talented team of over 100 people, cutting-edge technology, and the trust of clients and stakeholders.”
Allegations further insinuate that Deltec colluded with Bankman-Fried in fraudulent activities, including misappropriating customer deposits. The bank has dismissed claims against Deltec Bank and its Chairman, Jean Chalopin, as frivolous. However, the lawsuit contends that they were aware of Bankman-Fried’s activities but failed to address his misuse of FTX customer funds.
It’s alleged that Deltec, Mr. Chalopin, and Moonstone Bank, a small Washington State bank he owned, significantly facilitated Bankman-Fried’s movement of funds across the US border. The US Justice Department previously seized approximately $50 million from Moonstone accounts, which were deposited under the name of Bahamas-based FTX Digital Markets.
