Fidelity Bank terminates top Caymanian managers

(CMR) Fidelity Bank immediately terminated four senior Caymanian managers on Wednesday afternoon, forcing them to clear out their desks without even so much as a goodbye to colleagues that they worked with for over 30 years.

The ordeal has left staff shocked and in tears.

The surprising turn of events came just months after the bank was acquired by Proven Investments Limited. Staff is shocked at the redundancies after they were promised by the new CEO that there would be no staff changes for at least two years.

Including in the redundancies is the vice president of operations, who has worked with the company for 34 years. The assistant manager of operations was also let go and has been with Fidelity for some 35 years. The banking retail manager was also terminated after some 23 years on the job. The final person to be cut has only been with the company for three years as the remediation manager.

Sources shared that they were told by Christopher William during a recent staff meeting that despite the recent acquisition by Proven there would be no immediate staff changes. In fact, they were committed to not making any for the first two years of the transition.

In addition, the West Bay branch is expected to close down as well. Staff also complained that work permit holders have been brought in as project managers but are, in fact, doing sales. The staff has noted that the new project managers are making high commissions whilst the Caymanian staff referring customers are only paid $100.

Additionally, they have lost faith in the newly appointed CEO. Benjamin Freeman was announced as the new CEO of the company on June 10.

Sources took the opportunity to warn concerns to closely consider the high-interest loans that are being offered.

One observer shared:

“Fidelity let go 4 staff members who were with the company from the get-go. They spoke to them on the side yesterday (July 20), and then all of sudden, they started packing their goods and left. They never stated anything to the staff (the persons who left). Everyone in the bank is sad because these are the people who build and knew how to operate the areas in the bank. Sad day!”