Job losses and gains as Fidelity restructures bank

| 03/08/2022 | 50 Comments
Cayman News Service
Fidelity Financial Centre, West Bay Road

(CNS): Fidelity Bank (Cayman) Limited is in the process of “organisational transformation” following the acquisition by the PROVEN Group from the Fidelity Group earlier this year. While new jobs are being created, officials confirmed that four long-standing managers’ jobs have been lost as they “no longer fit with the structure of the company”, and those local staff have been let go. The bank said the former employees were given “payments significantly above statutory requirements including employment assistance and healthcare”.

The branch on the West Bay Road is transitioning into a corporate and private banking centre with new and different roles, while tellers will be added to the branch on Dr Roy’s Drive, which will now be open for longer hours, according to a press release from the bank. Staff have been promoted as part of the reorganisation and further opportunities will open up as the bank grows, and some long-standing members of the local workforce are already being promoted.

The new management said that essential changes in structure and brand, which include renaming the bank to PROVEN, are being undertaken in order to sustain its strong regulatory capital position. The bank said it will be open for business as usual and current services will be unaffected. Although the West Bay branch will be closed to regular retail customers, the ATM will remain in place. The branch on Dr Roy’s Drive will be open to 6pm on Fridays and the teller staff will be increased to meet the demand.

“PROVEN Bank (Cayman) is committed to the Cayman community and will continue to provide excellent sustained employment opportunities for the Cayman people,” said Benjamin Freeman, President and CEO of what is now PROVEN Bank.

“As such, all day-to-day customer interactions and decisions remain local including credit, customer service and onboarding. Also, as part of the PROVEN Group, staff will have further career development opportunities both inside and outside of Cayman. Finally, we are investing in education and training as part of an ongoing transition to a high-performance company with the goal of becoming the best place to work in Cayman,” he added.


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Category: Banking & money, Business

Comments (50)

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  1. Anonymous says:

    The same company that bought international financial planning in cayman and ran it into the ground and lost all staff. Proven raising millions on jam stock exchange

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  2. Anonymous says:

    I think a lot of things that were Proven will turn out to be smoke and mirrors.

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  3. Anonymous says:

    Interesting.. Cayman National Bank is next soon enough. The major changes will happen from the top/senior management first.

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    • Anonymous says:

      CNB are already in aggressive billing mode for a few years. They are very entrepreneurial with their imposing of secret client NDAs on meritless and extortionate “annual compliance review” and operational fees. Seems like it is commission driven, on a top-down “see what you can get” basis. There are no rules or laws limiting bank/investment provider fees that might restrict this open season on clients to change fees on the fly, to extort higher shareholder returns. There aren’t even any Cayman-owned/controlled banks that are benefiting from this extortion loophole, with 6-9 months audition lead time to open an alternate bank account, foreign-owned and controlled Class A banks know they have customers over a barrel.

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      • Anonymous says:

        6 to 9 months to open a bank account? Who are you, Putin? Sure there’s lots of form filling and the compliance is a pain, but 6 months? BS.

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        • Anonymous says:

          8 mos wait for new sub-account (existing client) at Butterfield recently. We certainly agree that it shouldn’t take that long.

  4. Anonymous says:

    Yea, I am not putting my money into a tiny Jamaican bank anyway.

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    • Anonymous says:

      It’s a St. Lucian IBC, pretending to be a Jamaican bank.

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      • Anonymous says:

        Oh yes, the old Jamaica/st.Lucia structure.
        No thanks for me. I will stick with the majors in this market.

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      • Anonymous says:

        It’s a Jamaican run operation, fronting through a St Lucian IBC. bit like all those hedge funds using Cayman entities with not a soul on the island.

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  5. Anonymous says:

    If someone doesn’t fit the build, they don’t fit the build. Sometimes people get comfortable and stop producing for the company and they need to go. Thats how business works. Companies will restructure sometimes just to get rid of dead weight. No sense employing someone if the don’t help your company achieve thier goals.

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    • Grammar says:

      “bill”

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    • Anonymous says:

      They’re not getting rid of dead weight they just making room for their people from JA.

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    • Anonymous says:

      Yes that is 100% correct, if we can get money for anything lets do it. What difference does it make because we have let all kinds of people come in and take things over so what is the big deal. Honorable Saunders knows that these are strait up good brethren and it is a great new source of revenue. Lets get it done!

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    • Anonymous says:

      Hugh Hart of MV Cayman, and Chairman of Board of this shell toy, has “PROVEN” he is the kind of person that refused to pay Jeremy Beck his $2.1mln on non-performance of Margarittaville/Treasure Island contract, even after court ordered them to do so. He then sought appeal protection from the court noting financial inability of that disposable entity to pay. Many would agree that kind of dishonourable shouldn’t fit the bill here, nor be rewarded with a banking license franchise, unless the Cayman Islands are really angling for more financial services headline risk. Reminding everyone of the blacklist-tarnished probationary state of that extremely important financial pillar.

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  6. Anonymous says:

    PROVEN? By whom?

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  7. Anonymous says:

    How is Royal Fidelity Pensions affected or are they separate from the Bank?

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  8. J.A.Roy Bodden says:

    Why is it that during this time when our authorities should be doing everything possible to protect the integrity of this jurisdiction as a reputable financial centre and to guarantee protection for loyal Caymanian staff, are we hiving off financial institutions to Caribbean jurisdictions with dubious records in financial matters,including at the national level? And ,is there any veracity to the claim that the PPM (when it was the political directorate) refused to approve this sale? If such is the case , then will the PACT political directorate explain what Damascene conversion they experienced which convinced them to rescind the decision taken by the PPM in this matter?

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  9. Anonymous says:

    Will Cayman’s fab four still be able to open bank accounts for amoumts they defraud from hospitals, cifa, fifa. Etc?

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  10. Anonymous says:

    lol, who is “gaining” though…

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  11. Anonymous says:

    What customer danger incentives are they offering? Step right up and entrust your household finances to the St Lucian holding company firing employees left-right and run by Jamaica parent with total market cap of less than USD$162mln. If it feels sketchy, it’s because Cayman keeps re-living these fly-by-night headlines. Still feels like some unfinished regulatory risk from CIFA/FIFA legacy contact with Fidelity and no amount of name changes can insulate from that. On July 20, PROVEN Group Limited (formerly PROVEN Investments Limited) (“PROVEN”) advised the Jamaica Stock Exchange (JSE) that there will be a delay in the publication of Annual Report to August 19, 2022. Confidence wilting.

    https://www.jamstockex.com/trading/instruments/?instrument=proven-jmd

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  12. Anonymous says:

    where is my pension statement?…i need a good laugh. always love their reasoning for non-performing pensions even during booming stock market cycles.

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    • Anonymous says:

      try asking the completely separate business RF, not these clowns

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    • Anonymous says:

      Yeah when market is down “look at the market”…when market is up “we’re market neutral stock pickers”…all equates to we are allocating our other portfolios’ losses to your poorly-regulated pension scheme.

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    • Anonymous says:

      Try asking the pension business RF, management buy out a while ago.

  13. Anonymous says:

    This, in my opinion, is a lot of smoke and mirrors. We have all heard similar statements before. Have any of the individuals that lost their jobs been offered any of the new jobs that have been created?

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    • Anonymous says:

      Hahaha. It’s long serving & senior managers they let go to save $’s. (Just as Butterfield has done every year for the last 10 years whilst trumpeting their profit numbers). The new (lower level) jobs will be tellers for the later opening on Fridays etc & would not be of interest to those let go.

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  14. Anonymous says:

    This Jamaican company was blocked by PPM from buying Fidelity as they should have been. However as soon as PACT was elected the Minister of Finance approved sale.

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    • Anonymous says:

      Did you notice who is the Chairman of the Board of Directors, of Proven Investments Limited? And presumably, the major shareholder or largest investor in the group.
      Keep on selling out Cayman, keep on.

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    • Anonymous says:

      Well isn’t the Minister of Finance a Jamaican? I know he helping his Jamaican with Caymanian papers with their waivers. That’s cthe word on the street anyway. If you in his constituncey, he responds quick. I have two generational Caynanian friends waiting over a year now for his decision to waive their stamp duty.

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      • Anonymous says:

        I can’t even get an update on mine other than the staff telling me he does not want direct contact with them, and only senior management. Wow. They don’t see him either and can’t approach him in person as he is always somewhere else. I am waiting until September. If I don’t hear back on my waiver, I’ll withdraw my application and my offer to buy the house of my dreams.

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        • Anonymous says:

          Why in hell Caymanians would vote for a Jamaican

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          • Anonymous says:

            4:03 pm That is a million dollar question. Reflect on the population in BTW. Aren’t we outnumbered? There you have it.

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            • Anonymous says:

              …and BTE also have a large Jamaican Population. Minister Dwayne “John-John” Seymour can attest
              to this. Check the BTE & BTW voters registration.

    • Anonymous says:

      Suspicious

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    • Anonymous says:

      Birds of a feather flock together

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