21 Redundancies Made at HSBC Bermuda

21 staff members at HSBC Bermuda have recently been made redundant. TNN spoke with an individual within the corporate industry who wishes to remain anonymous.

The source is not surprised by the bank’s move, as banks and other institutions in Bermuda and around the world continue to outsource their staff and services to other cheaper jurisdictions.

“ The model is changing for a lot of the financial services institutions and international companies,” they said. “ There are more digital platforms where one person can accomplish a lot of tasks in a short timespan and businesses that are making the most revenue aren’t necessarily the old traditional ways in which, at least for financial institutions, it used to be.”

Instead of focusing on servicing a lot of people who might bring in a small amount of money, they added, a lot of companies are shifting their focus more towards fewer accounts that make a lot more revenue for them.

Despite several studies showing that workers are more productive when they work from home, the source believes that the main problem with that is that people are not eating out in Hamilton and spending money in the city like they used to before the pandemic. That, in their opinion, is the real impact of working from home.

The source ventures to say that the majority of people made redundant happened to be black and happened to be women.
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