Butterfield Bank plans to reduce its global workforce by 9% with as many as 22 jobs in Cayman believed to be impacted.

In a memo to all staff, seen by the Cayman Compass, CEO Michael Collins announced a group-wide restructuring.

The memo didn’t specify exact numbers of jobs cut in each jurisdiction, though the Compass has been told the expected total for Cayman. The bank had 1,341 employees globally in 2022, according to its most recent report, with just over 200 based in Cayman.