Butterfield Streamlines Group Operations
Under the streamlining initiative, the Bank’s Jersey subsidiary was right-sized following the onboarding of clients and staff from the acquired Deutsche Bank banking and custody business in the Channel Islands. It reflects Butterfield’s more automated back office environment, which allows for efficient transaction processing with fewer employees.
The Bank also effected an early retirement scheme in
Reflecting customers’ increasing preference for conducting banking transactions through electronic channels, which has reduced in-branch transaction volumes, the Bank has also closed one of its four Banking Centres in
Michael Collins, Butterfield’s Chairman and Chief Executive Officer, said, “Following the release of our 2018 earnings, we advised the market that we would be streamlining operations to take better advantage of our international footprint and improve expense management. These are key steps in a process to position Butterfield for continued growth and development as we seek to become the world’s leading offshore bank and trust company.”
About Butterfield:
Butterfield is a full-service bank and wealth manager headquartered in
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Mark Johnson
Vice President, Group Head of Communications
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 1624
Cellular: (441) 524 1025
E-mail: [email protected]
Source: The Bank of N.T. Butterfield & Son Limited