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Massive lay-off exercise at NCB subsidiary Lynk

Business Reporter Javaughn Keyes
 
A major lay-off exercise is taking place at NCB's subsidiary Lynk.
 
Sources familiar with the matter told Radio Jamaica News that a little more than 60 per cent of staff employed to TFOB (2021) have been booted as a part of the company's restructuring.
 
The member of the NCB Financial Group, which operates the only digital wallet which accepts Jamaica's central bank digital currency Jam-Dex, was flagged by the new management as an area were possible cost saving could be realised.
 
Radio Jamaica News was told that a number of Lynk's structures, including sales, marketing, operations and human resources, will now be managed by existing teams in the NCB Financial Group.
 
We can confirm that the Lynk team members have been given notice that they will be laid off or that their contracts will not be renewed.
 
More than 30 team members are said to be affected.
 
Sources say TFOB is expected to now focus on managing the existing infrastructure, while the other services will be executed by the Group.
 
Radio Jamaica News was also told that the services of a number of contractors to TFOB have been terminated.
 
It is understood that some senior posts were affected.
 
However, Vernon James remains CEO.
 
A number of contracts for marketing and other activations to external firms were also reportedly cut.
 
It's not clear the total cost to be saved from the measure, but the move comes as no surprise.
 
In early August, interim CEO of the NCB Financial Group, Robert Almeida, and other members of the management team indicated there were some changes coming to the digital wallet, as the Group seeks to reap more profit from the almost two-year-old firm.
 
The Group said less spending would be done on new rollouts for the platform.
 
At the press briefing, Mr. Almeida said there would be no "mass lay-offs", however, there could be some restructuring.
 
He noted that since the interim leadership appointment a little more than a month ago, $6-$8 billion in possible cost savings were identified.
 
NCBFG confirms staff changes 
 
The NCB Financial Group has confirmed that Lynk is undergoing staff changes.
 
In response to questions posed by Radio Jamaica News, NCBFG said the "staff adjustment is among other efficiency improvement initiatives, as part of ongoing efforts to bolster operational efficiency and improve customer engagement".
 
The company said the move "aligns with NCB Financial Group Limited's emphasis on efficiency, governance, and customer experience".
 
The response indicated that less than 2 per cent of the total workforce across the NCB Financial Group is being affected by the staff cuts.
 
NCBFG said throughout this transition, it seeks to minimise disruption and support its team members as they navigate the changes.
 
The company said it is actively seeking opportunities to reallocate affected employees within the organisation where possible.
 


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