(CM (CMR) Two weeks after learning that FCIB/CIBC was purchased by The Gilinksi Group owned by Colombian billionaire, Jaime Gilinski Bacal, we now understand that two Caymanian staff members have been made redundant yesterday without any notice. They are both employed in the CIBC Trust side of the business and not commercial banking. One employee has been with the organization for 35 years and is said to have been the head of Operations. The other person worked in the Funds Department as a senior fund administrator for the past several years.
Multiple persons contacted CMR after being shocked and outraged by the decisions. In particular, the long serving employee is the mother of a special needs child and is said to be devastated. CMR understands that she was an exemplary employee. Sources indicate that they were advised that the company is restructuring and the positions were going to be made redundant. One outraged person shared:
“Everyone is shocked by this move. How do you just terminate someone how has been with you for 35 years with no attempts to move them elsewhere in the organization? It is made worse by the fact that this woman is a mother with a special needs child who requires around the clock care”.
Another person familiar with the terminations noted that it was heartless for this to be done right before Christmas. Apparently all employees should now be worried if they will be another casualty of the restructuring.