Butterfield
Fulcrum Group (BFG), a financial services company, is the latest business to
slash jobs as a result of the global economic downturn.
The firm has sent home 30 staff members from its Bermuda office and also made another 25 workers redundant at its Cayman Islands operation.
A BFG spokeswoman said the company had to review its global cost base and take steps to restructure its operations due to the downturn in the financial markets.
She said the redundancies would be phased over nine months.
This is the second biggest lay-off announcement in Bermuda in the past year, following XL Capital Limited's decision last August to reduce its work force on the island by 47.
The firm has sent home 30 staff members from its Bermuda office and also made another 25 workers redundant at its Cayman Islands operation.
A BFG spokeswoman said the company had to review its global cost base and take steps to restructure its operations due to the downturn in the financial markets.
She said the redundancies would be phased over nine months.
This is the second biggest lay-off announcement in Bermuda in the past year, following XL Capital Limited's decision last August to reduce its work force on the island by 47.
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