The Financial Services Sector got dealt another blow yesterday when at least a dozen employees of Pictet Bank and Trust Limited were handed their walking papers and have now been added to the unemployment line.
Minister of Labour Dion Foulkes, however, confirmed to Eyewitness News Online that the offshore banking institution gave notice to his Ministry nearly a month ago.
“The rationale they [Pictet] gave was that they had to do some restructuring so those staff members would not be needed moving forward,” he said.
Foulkes assured that the terminated employees would be given all that is due to them, which includes severance and vacation pay.
Eyewitness News Online understands that some of the employees who were fired have been with the company for more than a decade, however, it is unclear which departments were affected.
Foulkes said while the terminations are unfortunate, as government continues to grapple with high unemployment figures, jobs in the banking sector are available for those who register with the Department of Labour.
“Some banks are hiring,” he said. “Unfortunately, they are not obligated to tell us when they do but we know that they are.
“I encourage those who were a part of that grouping to register with us because we might be able to help them find work.”
While the financial services industry has had its share of challenges and is now threatened by the country being blacklisted from the European Union, Foulkes said it remains steady.
“The financial services sector remains strong and is continuing to grow despite everything else that is happening and the government is working to make sure of this and move this process along.”