RBC Employees in the Bahamas Fear Job Losses,,,Next?

Nathaniel Beneby, head of RBC Bahamas

Nathaniel Beneby, head of RBC Bahamas

BU has been asked to highlight the fact that RBC has started to retrench workers in Bahamas. Ever since RBC acquired the assets of RBTT in 2007 interested observers have been waiting for the hammer to drop on staff as a result. When two business entities come together there is always an inevitable result.

The BU household sympathizes with those RBC employees who will likely lose jobs in this guava season BUT this is the way business (especially Big Business) operates. A recent example of significant restructuring which resulted in the loss of jobs is LIME formerly Cable&Wireless. The government of Barbados will not want to hear about RBC (banks) sending home employees at this time although there is hardly anything our banana republic governments can do to prevent it.

See link to article received from a concerned employee:

19 comments

  • A certain future coalitional goverment of Barbados of which the PDC shall be a part of shall make sure that there is the Abolition of Interest Rates in this country.

    Such a government shall also make sure that the financial sector of this country no longer deliberately wickedly violates the fundamental principle in Barbados: that entities must able to present/give (sell/provide) ANYTHING (resources, goods and services) to the relevant people (buyers/users of resources/goods/services) from ANYTHING (capital, assets, investments, etc.) that is or can be used to get ANYTHING (nominal income, payments) from the relevant people, and as a means of their making contributions to the advancement of human society in Barbados.

    As it stands now, ALL financial institutions (incl. Insurance companies, mutual funds, etc) in Barbados like the government, hardly, if ever at all, get income, payments, and therefore contribute in net terms outrageously negatively to the advancement of human societal development in Barbados.

    Too, ALL financial institutions shall have – under this certain future coalitional government – to abide by another fundamental principle that money cannot ( be used to) make money, nor can it ( be used to) cost money.

    Thus, EACH financial institution shall be made to have – as parts of their day to day activities – the putting of a significant portion of the money they control, or what represents their own capital – outside of what represent their own liabilities to their customers – into the motion wheels of productive business activity taking place in the country, as a means of logically conforming with the very axiomatic principle described first above; as a means of MAKING SURE THEY CONSTANTLY GET INCOME/PAYMENTS, AND WHERE THIS IS DONE IT IS ONLY DONE PRIMARILY BECAUSE THEY AND THE RELEVANT SAVERS OR OTHER ENTITIES would have decided ‘to invest’ in the productive business commercial activities in this country to get shares of income – and as a means of getting income/payments to counter mainly external liabilities.

    Thus, it is high time that citizens of Barbados join with the PDC and over come the oppressive parasitic policies of these financial Institutions in this once fair land.

    What stupid ignorance there is too about some utterance that is oft heard coming out of the mouths of persons working in banks and some common people that money so-called loaned and that has to be so-called repaid is the bank’s money.

    What abject intellectual poverty!!

    The local money belong to the people of Barbados, and the foreign monies to the peoples of the respective countries!!

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  • A certain future coalitional government of Barbados and of which the PDC shall be a part of shall make sure that all commercial banks, credit unions, finance houses, etc shall have to operate under the National Institutional Non-Repayable Productive Loans Scheme and the National Institutional Non-Repayable Non-Productive Loans Scheme of Barbados.

    Such schemes shall also be set up partly in consonance with principle 6, which is found amongst those other 11 fundamental principles concerning MONEY and its uses in Barbados.

    As such principle 6 states that ‘whereas the use of money of MONEY helps to muchly distribute wealth, assets, and many other tangibles among the various categories of people in Barbados, mere simultaneous or any other references by some persons to the use of incomes, payments, and transfers (nominal), at what ever times, do not do anything in any way to distribute such things.

    Hence, the fact that incomes, payments, and transfers are psychological, ethereal, nominal variables ( whereas money is an actual, real and material variable) must mean that greater ways must be devised and implemented, so that people in Barbados are able to GREATER BETTER GET/ACCESS TO THEIR OWN MONEY – which they have long paid for – as a means of using, in order to come by greater ownership and control of greater or any amounts of wealth and assets, without the continuation with the existing destructive dysfunctional exploitative order OF HAVING TO WORK/ TO DO TOO MUCH BUSINESS, THEN TO GET INCOMES, PAYMENTS, AND TRANSFERS ( nominal), THEN TO ULTIMATELY GET/ACCESS TO SOME OF WHAT IS ALREADY OURS (MONEY) FROM OUT OF THE LOCAL COMMERCIAL MARKETS, AND THEN TO GET GREATER OR LESSER AMOUNTS WEALTH AND ASSETS – via the use of MONEY and its staggeringly high cost of use – OR OF HAVING TO SHOW FINANCIAL INSTITUTIONS THAT ONE HAS THE MEANS OF SO-CALLED REPAYING AN AMOUNT OF MONEY OVER AND ABOVE WHAT (MONEY) WAS SO-CALLED GIVEN OR ALLOWED TO BE ACCESSED BY ONE FROM OUT THE PARTICULAR FINANCIAL INSTITUTION CONCERNED, AND THEN ONCE SUCH CAME ABOUT, THEN OUR HAVING TO WORK OR TO DO MUCH BUSINESS, THEN TO GET INCOMES, PAYMENTS, TRANSFERS (nominal), THEN TO ULTIMATELY GET/ACCESS TO WHAT IS ALREADY OURS (MONEY) FROM OUT OF THE LOCAL COMMERCIAL MARKETS, TO THEN TAKE SOME AND ULTIMATELY MAKE THESE SO-CALLED (FICTITIOUS) REPAYMENTS – via the use of money and its staggeringly high cost of use.’

    PDC

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  • A definition of MONEY – MONEY is a non-tradeable, non-consumable, usable, measurable, socio-psychologically reactable to, physical commodity – and the only one of its kind in the world – that carries denominations for purposes of its users paying (at the same time they are using it) for its uses out of their own incomes, payments and transfers, etc.

    Any persons having a proper understanding of this definition and properly applying it to the commercial business world in Barbados and elsewhere must realize how and to what extent money and monetary and financial policies are having such disparate disbalancing effects on different people’s capacity to access and use it, such that they – these observers – must realize why – in tandem with their own proper understandings of some cogent and valid money and non-money oriented perspectives – some persons will be deemed as having much access to money, and some not, notwithstanding the differing amounts and qualities of work and business persons on the whole would have been doing.

    PDC

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  • ”When two business entities come together there is always an inevitable result.”

    Some actually believe the verbiage often spouted by merging (bought out) entities that there would be no job losses resulting.

    Think about it, two sets of management, two sets of information systems people, two sets of financial people, get real, in a merger there will be job losses.

    The issue is that government in Barbados has never opposed takeover/ buy outs, even where it results in monopoly or propagates oligopoly, see for example the BS&T takeover including distribution business like MER Bourne, effectively giving a company a bigger share in the oligopoly.

    This is also why the BNB should never have been privatized. It puts too much hold in the hands of too few, foreign entities / financial institutions.

    There are many things that should be privatized, for example, the CBC. But it appears that only profitable entities are ‘sold off’ to private interests.

    And now government is going the other direction and buying out loss making entities from prfotable private entities i.e. Almond.

    Can we say ‘bailout’ with NIS money?

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  • PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    When Banks get bigger you get smaller

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  • RBC staff say they’re being ‘set up’
    Added by Barbados Today on August 20, 2013.Saved under Local News, News Local
    by Wade Gibbons
    Some workers at RBC Royal Bank (Barbados) Limited are crying “foul” over industrial practices at the bank which they deem a likely precursor to their unfair dismissal from the organisation.
    And already over the past few months at least 15 staffers have either been dismissed from sections of the bank such as the Information Technology Department; have opted to leave the financial institution; or have written its human resources department registering the trauma which they allegedly have endured at the hands of management following the merger of Royal Bank of Canada and the Royal Bank of Trinidad and Tobago.
    Some staffers indicated that in a recent scenario the bank’s hierarchy issued them with warning letters in April citing performance issues dating back four years for which no initial complaint was made at the time they are alleged to have transgressed.
    Barbados TODAY obtained a copy of a warning letter where reference was made to developing competencies/lower performance for the period October 2009 to September 2010; non-performance/lower performance for the period October 2010 to September 2011; and lower performance for the period October 2011 to September 2012.
    The warning letter stated, inter alia – “Consistent with the above mentioned, the following key performance gaps were identified as requiring immediate and sustained improvement: Consistent failure to meet sales targets; failure to respond to requests within deadlines set; failure to complete outstanding and upcoming credit renewals, and keeping them up to date; failure to conduct monthly follow up and completion of the out of order security list; and failure to pass on completed loan files as required on a weekly basis.”
    The bank’s letter to staffer’s suggested that despite weekly coaching interventions, the workers had failed to achieve the required standards of performance.
    The warning letter also noted that “failure to achieve and sustain an improvement” in their performance by last month-end would result in further corrective action as provided by the company’s progressive discipline policy which might also include dismissal.
    But some workers, speaking to Barbados TODAY on condition of anonymity, said they were being “set up” by the bank for possible dismissal.
    “Why would a banking institution have a difficulty with your performance from since 2009 and wait until April 2013 for the first time to not only bring a concern to your attention, but also to issue you with a warning letter?” queried one staffer with more than 10 years with the bank.
    “If it is their intention to sever ties with us, give us the money they owe us for the many years we have worked and let us go.
    Nothing lasts forever but do not trump up allegations against us without substance to get rid of us without giving us our due,” another worker stated, adding that in many instances they did work outside their job descriptions.
    The staffers who spoke alleged that despite the prevailing economic situation in Barbados, the bank continued to set unrealistic targets and encouraged the foisting of debt and financial products on customers.
    They also noted that among those who had seemingly fallen out of favour with the bank were mainly members of the Barbados Workers Union. They also revealed that the workers from RBTT absorbed in the merger were those being mainly affected.
    The concerned staffers have registered their objections to the warning letters to bank’s management and have rebutted the claims in a letter sent to the bank’s employee relations manager.
    The letter, a copy of which Barbados TODAY obtained, stated that the staffers’ personal files did not corroborate the assertions made in management’s warning letters that there were weekly coaching interventions and follow-up discussions with staffers.
    “Our personal files will show that in keeping with proper human resources management principles and practices and in particular, with the established RBC Human Resource protocols, there was no follow-up discussion between our immediate supervisors and us outlining weaknesses, training interventions and evaluations by the bank of our subsequent performance, to determine whether or not there was an improvement
    “For the three mentioned periods of review our attention was not drawn to any documentation of remedial action taken by management, in the form of a personal development plan or otherwise, to determine whether or not we had achieved the standard of performance expected to warrant the adverse comments highlighted in your letter of April 23, 2013. We will therefore welcome your adducing such documented evidence to substantiate your allegation,” the response to management noted.
    The staffers indicated to management it should produce documented evidence to justify the threat of a warning letter and further disciplinary action.
    “It [documented evidence] would also be necessary to support your further assertions of our failure to meet the performance standards required of us, in keeping with the RBC Progressive Disciplinary policy. . .we as employees should therefore not be victims of a system in which the bank fails to discharge their human resource function in the organisation,” the staffers noted.
    The workers also pointed to the fact that prior to the merger in 2008 they had received commendation for outstanding individual work at RBTT, had been placed in positions of increased responsibility and had received promotions.
    Efforts to reach Horace Cobham, Market Head, Personal Banking were unsuccessful and it was revealed that he was on vacation until September 2.
    Over the past weeks RBC Royal Bank workers in Antigua have taken strike action on industrial relations issues, some of which mirror the concerns of Barbadian workers. Similar job losses have also been reported at RBC Royal Bank in the Bahamas and Trinidad and Tobago. wadegibbons@barbadostoday.bb

    Like

  • RBC Canada needs to divest itself from RBTT. They are nothing but bad news.

    Like

  • RBC to cut 200 jobs by the end of January 2014. Every sector will be affected.

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  • Is this across the region?

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  • Horace Cobham just retired, so that leaves only 199 to go

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  • David some Canadian companies including Banks are either “rightsizing”.

    Investors want a bigger return on their Investments even in this sluggish economy.

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  • @Hants

    Indeed, they (leading companies) always make good use of a recession.

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    remarkable.

    Like

  • A Difficult Boss
    WDifficultBoss117x175
    What can I do?
    Too much is expected of me.
    Good is never good enough.
    I cry on the way to work,
    makeup ruined before I get there.

    My boss rages, unjustified.
    When I speak softly,
    Iím told to be less timid.
    When I speak up,
    I’m told I’m too aggressive.

    I cannot please this person.
    I’ve tried so hard
    and I’m exhausted.
    I fear losing my job,
    I fear keeping it.

    Please give me understanding
    to resist anxiety,
    anger, unrest,
    bitterness, and hopelessness.
    Rescue me when my spirit
    is overwhelmed.

    Thank You. In my distress
    I can call out to You for help,
    knowing You will answer.

    Dress me in your
    armor of calm today,
    with head held high.
    I will feel perfected,
    for Iím good enough for You.

    Prayer from a stressed out RBC Worker. Managers are frustrating PL10 to the point of resignation.

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  • How much more to go? Two a week average until April 2014 for Bahamas Turks Caicos and Cayman. More jobs to follow. In Paradise Island and Airport branches in Bahamas Branch managers take mobile positions and leave the two hubs to be managed by other branches. How low will RBC go?

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  • Does RBC in Canada care about their reputation at all in the Caribbean. Scotia rightsized properly without so much hurt. RBC has to do better and raise the bar in this area. So many of the bad managers remain.

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