(CMR) The local community appears to be caught off guard by news that Scotiabank is closing its two branches across the island including the main branch on Cardinal Avenue. Red Bay will remain open.
These locations will be replaced by a new “digital branch” facility at Camana Bay. Digital branches will include having pads and computer work stations available for the most transactions that can be facilitated in this way. The financial institution remains tight-lipped on potential job losses.
In a statement to the media late yesterday the bank said it expects the full transition to be completed by 20 April until that date it said all its banking operations remain business as usual.
Apparently job losses will likely be an unwelcome reality for local employees. Marketing manager Jennifer O’Leary said,
“We are committed to treating employees fairly, equitably and with respect. In order to minimize the impact on our people, we will be offering training opportunities to prepare for future positions; and giving priority to impacted employees who are qualified for available positions within the bank”
We asked how many employees would be “impacted,” but she declined to comment on that specifically.
In February 2015 they announced the closure of the Airport location in May of that year citing operational efficiencies as the reason. Toronto-based bank, formally known as the Bank of Nova Scotia, called the move “a consolidation,” saying that it would “help us to concentrate our resources to better serve our customers in the future and remain competitive.” At the time, Scotiabank marketing manager for the northern Caribbean, Jennifer O’Leary, said executives have no further plans for Cayman’s remaining branches, but she did not dispute that the bank was looking at a global retrenchment under economic pressures.
“Currently, we do not have any plans to consolidate other branch locations, Scotiabank continues to see the Caribbean region as an important part of our international footprint and remain[s] committed to the Cayman Islands and the local community.”
In December 2014 Scotiabank said it was “reducing structural costs” after a November announcement that it would close 120 of its foreign branches, cutting 1,500 jobs – about one-third outside Canada.