Scotia jobs hanging in the balance
There is uncertainty surrounding the future of some workers at Scotiabank Barbados as the bank awaits regulatory approval for the sale of its insurance operations in Jamaica and Trinidad & Tobago to Sagicor Financial Corporation, and its banking operations in the Eastern Caribbean and Guyana to Republic Financial Holdings.
Scotiabank Barbados’ managing director, David Parks confirmed that he met with the local staff yesterday at The Courtyard Marriott Hotel and shared information on the sale process and its implications. Parks said that all the employees in those affected countries will be joining Republic Bank.
The manager added that he assured employees based in Barbados, who support regional operations, that management “would be transparent with information as it became available.” Parks said he could not say just how many of the 100 members of staff at the Managing Director’s Office would be affected nor could he specify the timing.
He said that overall Scotiabank has between 650 and 700 employees in Barbados and the Eastern Caribbean.
However, a Scotiabank employee who wished to remain anonymous said management indicated at yesterday’s meeting, that once the deal goes through they could see the majority of staff let go within the first four to six months of next year; with only a few kept on to service Barbados’ operations.
Parks said he promised staff that he would meet regularly with them, at which time he would be able to share more information. The next meeting between Scotiabank Barbados management and staff is slated for January 2019.