RBC drastically downsizes Bahamian presence; implements voluntary separation programme

Royal Bank of Canada is making changes.

The bank announced the consolidation of several of their branches throughout The Bahamas over the course of the first quarter of 2018 this evening.

Affected branches include the following:

Robinson Rd. store with Carmichael Rd. store, effective March 16th, 2018

JFK Drive store with Carmichael Rd. store, effective March 23rd, 2018

Andros Town store with RBC Main Bay Street store, effective March 30th, 2018

Long Island Gray’s store with RBC Main Bay Street store, effective April 13th, 2018

Managing Director, RBC Caribbean Banking – Northern Caribbean, Nathaniel Beneby, in a letter wrote that, “RBC is on an ongoing journey of transformation and innovation in the Caribbean, and around the world. As part of this journey, our organizational structure, banking solutions for clients, our processes to deliver solutions, and our physical network will continue to evolve.

“These efforts are designed to bring us closer to our clients by giving them the ability to bank with us more easily through an array of physical and digital channel options.

“The recent enhancements have also been aligned with transforming our organization by making it stronger and more competitive. Through our collective efforts, our business has attained numerous achievements, and recorded strong financial performance as we transition to a Digitally Enabled, Relationship Bank.”

In addition the bank will consolidate its Northern Caribbean Bahamas based Reconciliation and Audit Services into its Center of Expertise in Trinidad along with shifting some of its non-client-facing activities out of stores and into service delivery teams.

Noting that several of its employees will be impacted by the upcoming changes, the bank plans to offer a Voluntary Separation of Employees Programme (VSEP). Permanent, full-time employees (PL09-PL12) who currently work in Store and Service Delivery areas of the business in The Bahamas, will be eligible to apply for VSEP.

“In keeping with our values,” said Beneby, “we are committed to treating all employees with fairness and respect throughout this transition. Impacted employees will also have the opportunity to apply for other available roles within RBC.

“While processes, structures and roles will evolve over the next few months, our solid commitment to our clients, our employees and our communities remains unchanged. We are proud of the business we have built in the Northern Caribbean and are confident that these changes position us remarkably well to win in the market by helping our clients thrive and our communities prosper.

“I am excited about the bold steps we are taking to re-imagine our bank and I am confident that with your ongoing support we will continue to be the bank our employees want, our clients deserve and our communities expect.”