BREAKING NEWS>>>Is First Caribbean Bank on the Verge of Collapse? Some 160 workers to be terminiated this week!

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filesNassau, Bahamas: We’ve now have confirmed that First Caribbean Bank (BAHAMAS), a major lender in the country, is now joining the latest financial woes.

Bahamas Press can now confirm, 160 employees at the bank will receive their walking papers this week. A high-profile banker on the board of FCB has confirmed to Bahamas Press that the move is necessary to restructure the business and save the bank from falling into problem.

“We must realign our staff levels to better adapt to the global financial crisis now facing our globe. Persons following the news around the world should understand that the Bahamas operates in a global village, therefore we are also susceptible to failures now gripping banks around the world,” the banker said.

Bahamas Press listened to comments of the Prime Minister Hubert Ingraham in the House of Assembly this morning where he issued a statement on the collapse of CLICO Bahamas. Over 180 workers lost their jobs last week at the insurance company. Also some 29,000 policyholders have lost their investments due to the fall of the company. The lack of a statement from CLICO has left policyholders crying out in anger on the daily talkshows.

Prime Minister Ingraham said NOT ONE WORD about First Caribbean Bank (BAHAMAS) to members of the public this morning.

  • Wow. Typical of you guys to start arguing with each other after reading an article in the news. Everybody has there say dont they. Bahamians dont have a voice, you gotta be kidding me, every chance yall get you make yourself heard, i think the problem is, yall say so much stupid things, that when you start “voicing” your opinions, you get tuned out. Why not think about something wise to say, perhaps offer encouragement to those who may be reading this article and could be losing their jobs, this is not entertainment, it is happening. Stop arguing, for gods sake.

  • Angela

    Well to me it’s extremely disheartening to read of such a controversy over what will adversely affect the lives of so many people. I feel that the media’s job is to inform; whether it comes from the rumor mill or not. And as for other entities, whatever services that we offer especially where information is concerned; we should put it out there………… Listen at the end of the day; we’re all in this together, this is our Bahamas that we’re talking about…….and I think that we should focus on being a part of the solution. If this is about to happen, how can we counter act this at no cost? What can we suggest for the way forward? Let’s post stuff that would provoke our leaders, inform and inspire………Again, where in this together…………and MEDIA, I don’t think that you have to prove anything by posting names, that will only further embarrass and hurt those persons. I think that to break this story is enough to put persons on their guard, to get them looking at what options they have should this be executed as published. MEDIA………keep us alert and informed……………as for the rest of us, let’s research and find out why Europe is not at all affect by this crisis………and then try to educate our neighbors. Everything at the end of the day is not about the almighty dollar…….it’s about unity and national pride……..I have kids, what of their future? We need to find solutions!

  • wow this is a really fascinating stuff didn’t know Bahamians could be so passionate. Anyways so if you are right and these people really are being let go how does this help save their job?
    If things are so bad that people have to go, they will go, and you cant do one thing about it cause the company will always say its either we cut cost or the business goes under
    basically you are going like some stupid people that respond to blogs by posting “First!!”.. so what if you know first? Those people still fired at the end of the day

  • Max

    Where is this information coming from? Inside sources? Do those inside sources have names or are they just a figment of the imagination. If this is true, why is it only on this forum? A lot of this story does not make sense. Also, if a bank who has a total of about 3500 employess all around the region lets go some staff because of restructuring or some other reason, does it mean that it is crumbling. Come with more facts please.

  • JR

    Man BP, if I call you a sucker, which I have in the past, it is for a reason. I didn’t call you a sucker this time. I simply asked you to quit the huffing and bluffing and just put the info out there so that if Sharon Brown is BSing the public, you can call her out. I don’t want to hear about your half million readers or how you are right about everything (which isn’t always the case when you are pushing opinions in some stories). Nobody disputes the fact that you have your nose in some interesting places. That is why we come here. But this foolishness about printing the poor victims names in the FCIB thing is just plain stupid. If you have the memo to back it up, and I hope you do, then do what you did to Sharon Turner (what is it with you and gals name Sharon?) and print it and block out the victim’s names. Thats all I’m asking because whether we want to admit it or not, plenty people are depending on you to deliver the goods to make their next move. I have money tied up in that bank and if I see what you are saying is correct, I’ll be there in a heart beat to drag it out and go to Bank of the Bahamas or Commonwealth because they aren’t tied up as tightly in the global scene as the other banks. So until you do that, man cut the crap and come correct and quit the bragging and boasting. As Protection said, Post, Don’t Boast. We know you bad, you don’t have to remind us all the time because you showing off now.

  • Morning Mr. Media,

    Guess I havent PUSHED you enough to POST not BOST. I have viewed the site and most of the information is second hand info. So enjoy the Day and lets Pray that if 160 persons are dismissed that the Bahamians put their heads together and find solutions to be self supported and most of the employers in the Bahamas are foreign and Bahamians have no control over what they do. Lets get some positave solutions to our Bahamian problem. In the meantime up lift not pull down. Its good to inform but lets use tact.

  • I like this site and I say job well done.Wether the stories are true or not, I like that you make people aware.We won’t all agree on every matter but thank GOD we are allowed to discussour views.This is time for Bahamians to grow up and be responsible in our spending and savings because this crisis is real and just beginning. There is going to be some hard times ahead for all of us so we must remain strong for our families and communities. There are going to be new and real leaders who will emerge in the midst of this crisis and show us what true patriotism is all about. Our government structure has served its time and fails to function outside of corruption. It’s up to use to rise and show real love for this wonderful nation we call the Bahamas and show that we have had enough of these so call Bahamian elites doing as they see fit and squndering the future of our children. Be vocal, Be strong and Be active, Be Bahamian. GOD BLESS THE BAHAMAS !!!

  • media

    Well Protection your new to the website. So look and see our record when we call something. When we say it, look for it. But if you don’t believe us, since you new, look at the website and see what we have done.

    Bahamas Press/Editor

  • Child of the 60,s

    The country needs strong leadership and not a despotic crew who only are interested in how many persons opposite they can disenfranchise.Oh how Sir Lynden is missed now as he had it right in ensuring that the tear was wioed from every eye.A socialist and nationalist agenda is needed at this time to keep Bahamians employed.The market forces philosophy has failed.Let Brent Symonette know.

  • To MAN O WAR

    You certainly do not know about the BFSU, do your research, There are UNIONS and there are UNIONS. The Government cannot do everything so if persons cone together and try to help themselves then maybe things would be better.

  • Well Mr. Know it all Media, you have been “PUSHED”….so LIST/POST. Put your words where your blog is. What if I am a member of the UNION what is that to you? Isn’t this a public site? No one knows who you are.

    I am not suggesting anything, I am trying to Educate you as you dont know the definition of “Saving Jobs”. One certainly cannot attract flies with vinegar. What have you done to stop FCIB from letting go 160 Bahamian persons? Have you purchased the majority shares of FCIB or opened another Bank and offered the 160 jobs “remember you do have the list of names!!!! You bost about having information on Clico “but 200 staff members are at home” Arn’t you Helpful “HARRY”. Go on and stop FCIB if it is in fact true “What you need more PUSHING?????.

    I detest persons with ways like yourself who instead of building up continue to break down what persons with guts to come from under the rock have built up.

    Maybe the 160 Bahamians who would receive their pink slips can be hired to assist the Bahamas Press is seeking and feeding the public with positive thoughts in this economic time.

    PUSHED….POST……PUSHED….POST

  • JR

    BP, this ain’t your day man. You losing it again. How you figure you helping anyone when all you doing is bragging. if you saving jobs, then post the record you have on the FCIB and shame them into changing their plans. Otherwise, chill out man. I need to know what to do.

    • media

      Well it is clear you did not read the Tribune today. OPPs the ‘TOILET PAPER’ where Sharon Brown of FCIB told the RAG SHEET, “NO decision has been made,” (on any firings). When the decision comes however, you would known that it was declared here first.

      See we don’t get credit for much things, not from the papers nor the politicians. We expect none from them, but people like you JR who is glued every hour to this blog, would know long before CLICO collapsed, we carried the story of the pending fall. But is people like you, who still will call us SUCKERS in the end. That is what causes us to lose it sometimes.

      Therefore if no decision is made on something, sounds like that thing is up for discussion hey? Read it Page 1B, they’re online now.

      Bahamas Press/editor

  • BFSU member

    First of all, members of the BFSU are protected by its union. In addition, I agree that instilling fear is not the way to go. Trust in God and He will direct your path.
    Bahamas press should really identify who they are before spreading propaganda. Layoffs or not, get the truth printed, and don’t be afraid of saying who you are!

  • Man O War

    Protection in the Financial Service :Tell them to join the BFSU and learn about their rights
    [Reply]

    Miss. you need to stop hustling for people to join your union. The unions here in this country exploit people more than the employers.

    I say the government needs to step in and deal with these matters for its citizens proactively. That’s what they are being paid for!

  • Tell them to join the BFSU and learn about their rights

  • Just to advise all Bahamians in the Financial Sector who are not UNIONIZED to become as certainly The Staff of FCIB are protected, before any lay offs or redundancies occur management would have to speak with both The Bahamas Financial Services Union and The Bahamas Financial Services Managers Union. The Employees in FCIB have a voice in their future. HOW MANY OTHERS DO? All these talks need to stop as we are all Bahamians and need to look out for each other and stop instilling fear.

    • media

      “Protection”, are you a member of the UNION? Are you also trying to suggest what we are saying is false? Do note please,Bahamas Press is saving JOBS in this process! We are sending out a warning of a pending slaughter of Bahamians before it occurs. And based on our information, the process is in motion. We seek to STOP IT!

      Anyone who reads Bahamas Press can tell you, this website is NO JOKE! We don’t play games with the people of this country. They have far too few voices, which speak for them these days.

      We warned of the Cabinet Shuffle last year, was that rumour of truth?

      We warned of the pending collapse of a MAJOR INSURANCE COMPANY on DECEMBER 16th, 2008, was that rumour or Truth?

      We warned of the AXING of the management of ColinaImperial last year, one day before the persons received their letters, was that rumour or TRUTH!

      It is NO myth that when you read something being reported on this BLOG people take it to heart and adopt it as credible news. EVEN THE DUTTY ‘TOILET PAPER’ FINDS THE TIME TO PLACE IN THEIR PAGES A FOLLOWUP REPORT ON NEWS WE BREAK! DID YOU SEE THEIR BUSINESS SECTION TODAY, TALKING WITH FCIB Manager SHARON BROWN? We wonder why she is responding to something they refused to acknowledge as credible source?

      We don’t instill fear, WE TALK TRUTH THAT IS FEARFUL TO HEAR!

      We at Bahamas Press stand by our story that some 160 workers at First Carribbean Bank Bahamas LTD will receive soon their pink slips!

      Bahamas Press/editor

      PS: AND IF YOU PUSH US we will list the names of the workers.

  • JR

    media :
    @ParadiseFound
    Thanks for your correction, but we stand by our story. We have a record.
    BP
    [Reply]

    Post it and be done with it BP. YOu did it with the Turner gal so don’t switch up now. I want to know what to do about that bank because I use them too.

  • Fortunately the Bank of the Bahamas has strong backing from the Royal Bank of Canada. Rather than paying so much attention to the U.S. banking system, we should be looking to Canada. If the banks there should show signs of problems we know the whole world is in a catastrophic situation.

  • Thomas Finley

    @Kim Sands

    How is the Bank of The bahamas doing?

  • That’s a lot of people to be sending home. Right now, I feel like going and withdrawing all my money and putting it under my mattress. What a time!!

  • canesfins

    I have know this for a week now. It is true, it will happen. I heard 150 employees. I do not think this means anything about being on the verge of collapse. My guess is that the bulk will be from the lending divisions, as there are not many loans being given out right now.

  • Spectator

    @ParadiseFound
    website and comments looks pretty decent to me in Firefox 3.0.6. However the Headline Title links is fudged up.

  • media

    @ParadiseFound
    Thanks for your correction, but we stand by our story. We have a record.

    BP

  • ParadiseFound

    I said it before and I will say it again!

    MEDIA PLEASE change the timezone on this forum! We are EST or GMT-5 and not in London!

    thank you and viewing the comments section for this website with Firefox is utterly depressing! the age of designing sites for Internet Explorer browsers are long over!

  • ParadiseFound

    This story is no doubt a hoax.

    Read carefully the text:
    “…A high-profile banker on the board of CFB..”

    No doubt, this “high profile banker” is a figment of one’s imagination… as CFB does not exists!

    that one acronym alone proves that the story is a scam!

    changing the letters around will only sully the story further!

  • Altec

    First CLICO, now First Caribbean. Family Guardian cant be far behind.