NASSAU, BAHAMAS – Private Investment Bank Limited (PIBL) yesterday confirmed its ‘rightsizing exercise’ has impacted a number of employees.
In a press release sent to Eyewitness News, PIBL confirmed it had engaged in the right-sizing exercise after reviewing its business and operating model .
Eyewitness News had received reports that the bank had made a number of employees redundant on Monday, the same day Swiss banking giant Julius Baer announced that it is closing its Nassau booking centre.
The Baer closure will reportedly result in the termination of 30 employees.
PIBL’s statement read: “The Bank, like many companies, continues to review its business model and cost structures with a view to identifying opportunities to streamline business operations to improve quality and efficiency.
“Following a review of our business and operating model, we engaged in a right-sizing exercise which impacted a number of employees. However, in line with this business reorientation, we are looking at the same time to reinforce the private banking front unit by hiring some relationship managers.”
The release did not confirm just how many jobs would be impacted and attempts to confirm that information were not successful up to press time.
“This decision is in no way a reflection of the work ethic or capabilities of impacted employees and was simply the result of improvements to operational structures to enhance the efficiency of our operations,” the statement continued.
“These are difficult actions that will strengthen and better position the Bank for success. The Bank understands that this decision will have an adverse impact on the employees affected by this exercise and have offered enhanced severance benefits to make this transition as smooth as possible, and to assist impacted employees with their future endeavors.
“We appreciate the contributions these employees made to the Bank and are committed to treating our employees with respect as they transition to new opportunities outside of the Bank.”