Job Losses

PORT OF SPAIN, Trinidad, Feb 4, CMC – The Banking, Insurance and General Workers’ Union (BIGWU) says more workers will be put on the breadline after RBC Royal Bank confirmed that it had sent home 20 employees from its business banking unit.

BIGWU president Vincent Cabrera told reporters that the bank intends to close down nine of its branches.

“The union doesn’t have the exact figure but over the last two years over 200 workers have been sent home and it is our information that as soon as the sale of the bank is concluded with whomever it is eventually sold to at least nine branches of the Royal Bank will be closed.

“They are seeking to reduce staff by as much as possible to make the ship lean and mean. I would like to say the module of banking at the Royal Bank within recent times…is not fitting with local demands and whereas the other banks have been making quite a lot of profits, Royal Bank because of ist economic machinations have found itself in some trouble”.

RBC Royal Bank (Caribbean) is part of the Royal Bank of Canada, the largest financial institution in that North American country. In 2008, Royal Bank Trinidad and Tobago (RBTT) was acquired by RBC for nearly TT$14 billion (One TT dollar = US$0.16 cents)

Last month, RBC also announced that it had entered into a definitive agreement to sell RBC Royal Bank (Jamaica) Limited and RBTT Securities Jamaica Limited to Sagicor Group Jamaica Limited.