Banking & money
Bank cutting jobs in global restructure
(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 […]
PPM presses premier for more action on COL
(CNS): Following news of another interest rate hike, the opposition is pressing Premier Wayne Panton to do more to help people navigate the rising cost of living. But PPM Leader Roy McTaggart has called for an increase of more than 50% in the monthly stipend for the elderly, as well as a freeze on water […]
Premier urges banks to do more over rate hikes
(CNS): Premier Wayne Panton has welcomed the move by Cayman’s high street banks to stick to the agreed delay on rolling out interest rate hikes on local loans and mortgages following last week’s Federal Reserve increase. However, he said that even though he appreciated the banks’ agreeing to a 30-day notice period, he was still […]
Local mortgage pain continues with rate hike
(CNS): Local banks will be putting up their loan rates but, in line with the agreement made with the government last month, they will be waiting thirty days before increasing interest rates on home loans and mortgages. Nevertheless, with the cost of living already squeezing people to the bone, the one-month reprieve will offer very […]
Banks agree to delay just as Fed pauses rate hikes
(CNS): The local banks have agreed to give customers a 30-day notice before rolling out any more interest rate hikes, Premier Wayne Panton told a business audience on Wednesday, just after the US Federal Reserve paused its increases on interest rates in the United States after more than a year of regular increases, which have […]
Banks claim to help, as gov’t plans review of rates
(CNS): Government will continue to press local banks to reduce interest rates, and it has accepted a motion by McKeeva Bush MP (WBW) to look at creating a local interest rate-setting body and allow the government-funded Cayman Islands Development Bank to accept deposits. But the local retail banks have defended their refusal to delay or […]
Banks ‘disappoint’ in refusal to delay rate hike
(CNS): Premier Wayne Panton is disappointed that the local high street banks have refused to delay implementing the latest interest rate hike, even though there is no need for them to keep pace with the US Federal Reserve. Interest rates have increased in the Cayman Islands ten times in just over a year, adding to […]
Bank violated law over vaccine related data
(CNS): In September 2021, CIBC FirstCaribbean Bank (Cayman) informed its staff that they would be required to prove they were vaccinated against COVID-19 and produce a weekly negative PCR test or go on unpaid leave. However, after two employees complained to the Office of the Ombudsman, the OMB conducted an investigation and found that the […]
Fed interest rate hike pushes up local mortgages
(CNS): The US Federal Reserve raised interest rates by a quarter percentage point this week, the eighth increase in less than a year in the battle against inflation. Though the hike was the smallest since March last year, it will still push interest rates on local loans and mortgages to at least 7.5%. This rapid […]
US Fed hikes interest rates by another 0.75%
(CNS): The US Federal Reserve has again raised interest rates by three-quarters of a percentage point as it battles the worst inflation in 40 years. Cayman banks are expected to follow suit, pushing up local lending base rates to 7%. Fed Chair Jerome Powell said the pace of hikes could soon slow down but he […]
Job losses and gains as Fidelity restructures bank
(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 […]
