Sagicor sends home 43; but 65 more to go

BRIDGETOWN, Barbados, March 27, 2009 – A total of 108 workers at Sagicor Financial Corporation, one of the largest regional financial institutions, are being sent home as the company restructures its operations. Of that number, 43 were laid off yesterday, with the remaining expected to be made redundant soon.

Those affected by the first cuts were from the Barbados, Jamaica and United States (US) operations. The other job losses will affect more workers in Jamaica as well as the Cayman Islands as Sagicor reorganises its business, a statement from the company said.

The financial services group recently amalgamated several companies in Barbados and Jamaica and yesterday said that the job cuts come as the company rationalises costs.

“The Group’s management has commenced a comprehensive organisational restructuring which will result in a number of functions being reorganised or made redundant. Group-wide Sagicor has a staff of 3,000 and we expect that this restructuring will affect less than 10 per cent of our management and staff,” it said.

“The Group will continue to review its operations over the next six months to ensure we have the most appropriate structure and processes in place.”

The Sagicor lay-offs come during a global economic crisis that has affected many businesses here in the Caribbean and other parts of the world.

Sagicor operates in 22 countries, including the Caribbean, the US and the United Kingdom. It has assets of approximately US$4 billion.