Categorized | Featured, National News

Bank of the Bahamas downsizing


Bank of the Bahamas is undergoing  a downsizing exercise at two of their branches.

It is reported that 15 or more persons were let go from the Village Road branch on Tuesday  and another large number of persons from the Harold Road branch on Wednesday.

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.

“When we did our last operation with the Bank of The Bahamas and appointed this new board, we committed to them and the Bahamian people that we will not allow politics to get involved in the operation of the bank, because we’ve seen where that has gotten us,” Turnquest said.

He added that to the extent that they’ve made any moves, he’s sure it is a deliberate, considered action to make the bank profitable.

Turnquest said that the government is only there to guide and this layoff matter is one for either the chairman or labour minister.

“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.

“I have committed to the bank that I’m not going to get involved in their operation. We are here to guide from a policy point of view as an investor.  So to the extent that they need my guidance they will consult, but other than that they run the operation,” Turnquest said.

Written by Jones Bahamas

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