The Bank of the Bahamas has  confirmed that it began downsizing

The statement yesterday   the bank said it  is doing what it calls  ‘right sizing’ in an effort to get the bank back on a path of sustainable profitability to enhance their shareholders’ and stakeholders’ value.

Bank officials have confirmed that less than 30 staff members will be effected.

Nonetheless, they say these are extremely difficult decisions, primarily because they hold implications for the continued employment of team members and impact many areas of the bank.

“However, these decisions are based on careful assessment of our operations and the corporate objective of securing enhanced efficiencies,” said BOB Officials.

They added that all decisions were taken with the greatest level of diligence, care and sensitivity.

News of the layoffs followed  the decision to close two of the bank’s family island locations namely,  their Eight Mile Rock branch, which has been closed permanently and its Exuma branch, which will follow  at year’s end.

The past few years have been rocky for Bank of the Bahamas.  It has  recorded losses of $11 million, which was five million more than it did during the same period in 2016.

On Wednesday when the allegations of downsizing were made, Minister of Finance Peter Turnquest said  he knew nothing of the layoffs, as his office does not get involved  in the day to day decisions of the bank.

He further stated that if they were downsizing, he saw it as a deliberate, considered action to make the bank profitable.

“Sometimes you have to go back to go forward, and the Bank of The Bahamas is one of those circumstances that in order for it to have an opportunity to grow and grow without continued support from the government, it has  to do those kinds of things that an entrepreneurial institution will do in order to ensure profitability,” Turnquest said.

He said that when the bank expands its profitability, it will be able to expand and serve communities that are underserved with products that are creative and will drive the domestic financial services sector forward.