(CNS): Butterfield Bank is reducing its global workforce by around 9%, with the possible loss of 20 jobs here in the Cayman Islands. Officials from the bank told CNS Thursday that it will continue to operate in all of the jurisdictions where it currently has a presence, and there will be no changes to the products and services offered to clients.

“Butterfield regularly evaluates its operations, capital levels and efficiency according to market conditions and business needs,” a spokesperson said. “Regrettably, some roles across the business have been impacted as part of a Group restructure to position ourselves for the future.”

In a memo circulating locally to staff last month, Butterfield CEO Michael Collins said that the redundancies were effective immediately.

According to its 2022 annual report, the bank at that time employed 413 people in Bermuda, 244 in the Cayman Islands, and 1,341 globally, but officials have not said exactly how many jobs will be lost where or how many local people in Cayman will be cut.

Despite the solid performance of the bank, its success in containing costs and the benefit of high interest rates, Collins said the company was not “immune to the inflationary pressures that all companies are facing today” and that the job cuts came after a thorough review of the business, forecasts and market conditions.

Expecting interest rates to start to flatten or soon, Collins said in the memo, “We must reduce expenses to partially offset declining net interest income while maintaining a low-risk balance sheet throughout the rate cycle.”

The news of the local job losses coincides with the release of the latest Labour Force Survey in Cayman, which shows a drop in unemployment among Caymanians to a historic low of just 3.7% and a high demand for workers.