The Tribune

By RASHAD ROLLE

Tribune Staff Reporter

rolle@tribunemedia.net

FORMER FNM Chairman Darron Cash has raised concerns about layoffs at the Bank of the Bahamas.

Mr Cash claimed yesterday that he has been reliably informed that six people were terminated from the bank without cause on Friday and that one person was forced into retirement.

Financial Services Minister Hope Strachan could not confirm or deny the report up to last night.

Mr Cash, nonetheless, said he isn’t surprised by the action, claiming that people have been systematically “let go” at the bank over the last year amid financial performance concerns.

“I think maybe there were six terminations, all without cause, and one forced retirement and one other matter I wasn’t sure of. The issue is, these obviously are not for cause, suggesting the bank represents an effort at downsizing and it’s obviously contradictory of what the outgoing Managing Director (Paul McWeeney) said would happen. The reality is that they have been systematically letting people go over the past year or so. A number of them let go have been senior people too. It’s a series of steps I anticipated because obviously the bank’s financial performance is strained and they are top heavy and they have to let people go.”

The report comes as the bank continues to face scrutiny from the official opposition after the government last year established a company to assume liability for $100m of the bank’s toxic commercial loans.

Last month party leader Dr Hubert Minnis led a march and held a protest outside the bank’s Shirley Street branch and called on the government to fire the bank’s management team.

However, Prime Minister Perry Christie has suggested that the FNM has an ulterior motive in raising alarm about the bank, claiming the party is “being used by others.” The FNM have denied the accusation.