BREAKING NEWS>>>(SHARON BROWN TO RETIRE) — BP might have saved 20 jobs in the 160 downsizing exercise now underway at First Caribbean International Bank Bahamas

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1st-pm-b1First Caribbean International Bank executives paid a courtesy call on Prime Minister the Rt. Hon. Hubert Ingraham at the Office of the Prime Minister, Cable Beach on January 29th, 2009 (THE BOSSES WERE IN TOWN!!!). What was said to the PM during that meeting? ONLY Bahamas Press MEDIA OUTLET knows. Pictured from left are Michael Mansoor, Group Chairman; Sharon Brown, Managing Director Bahamas Turks and Caicos; Prime Minister Ingraham and John Orr, Chief Executive Officer.

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EDITOR’s NOTE: BP has decided to republish this article, which was on May 4th, 2009. Bahamas Press was scoffed, mocked and laughed at as being a counterfeit site when this was published. We were accused of misleading persons of the community when we asked the question, “IS First Caribbean Bank on the Verge of Collapse?” We posed that question as we had attained a list of employees whose jobs were in jeopardy.

Bahamas Press has now learned that Sharon Brown was given a magnificent package in the 6 figures. We’ve been told that she will land on her feet as the possible financial secretary in the MUGABE led ‘PAPA DOC’ style Ingraham Government.

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Nassau, Bahamas: We at Bahamas Press just might have saved 20 workers at First Caribbean Bank from getting axed at the company in its downsizing exercise now underway. And those few should be grateful to this website of TRUTH!

BREAKING NEWS NOW COMING TO BAHAMAS PRESS CONFIRMS THAT SHARON BROWN WILL BE THE FIRST TO GO AT FIRST CARIBBEAN INTERNATIONAL BANK (BAHAMAS)! She will be forced to accept an early retirement package and will take up a senior post in the Ingraham Government.

Bahamas Press has also learned that in the coming days, a press statement will be issued from the Bank head office in Barbados to confirm Ms Brown’s retirement from the organization. We’ve also learned that coming as early as next week travelling to Nassau will be an officer from Barbados, who will carry out an OPERATIONAL REVIEW AT THE BANK. Following that review the Bank will be streamlined. That exercise will conclude with workers at the FCIB (Bahamas) being sent home.

In an interview with the DUTTY ‘Toilet Paper’ FCIB’s (SOON TO BE RETIRED) managing director Sharon Brown said Tuesday, “At this point, we’ve not made any decision.”

Bahamas Press wonders why would the DUTTY ‘Toilet Paper’ interview a member of the local office here in Nassau, when the decision is not being made in the Bahamas?

Like Clico (Bahamas), FCIB takes it instruction from its head office on Broad Street, Bridgetown, St. Michael, Barbados. Therefore the DUTTY ‘Toilet Paper’ should know that if they wish to get a real assessment of the downsizing decision, they ought to contact Mr. Michael Mansoor, Chairman or John D. Orr at 246-367-2300. They’re the persons that make the decision for the regional operations, NOT Sharon Brown.

The Press statement will be release from Barbados  between now and Monday morning.

But you know Bahamas Press bloggers, when you want to deflect news the way the ‘Toilet Paper’ does, you go to everyone for an answer, except the real source in hopes to DEFLECT the truth. Typical Tribune fashion, WHY? Because they’re WUTLESS!

STAY TUNED TO BAHAMAS PRESS ON THIS FLUID DEVELOPING STORY, STAY TUNED!

49 COMMENTS

  1. It is so ironic that we are discussing the exact same bank that the government spoke of in the house for double dipping on taxes here in the bahamas.Is this the bank that claims taxes in barbados and reports this to bahamas so they can get a tax break and keep bahamaians employed?So if they can use skulldugery tactics like this then I dont expect anything better from them. When dealing with international entities the last persons to know when deals are cut are its government and its people.If you notice the same is happening in the offshore banks most all of the europeans banks are either closing or merging right under our noises and bahamains are being laidoff.

  2. My friend works for a competitor bank and tells me that FCB is in disarray and have fired their executive team several times over in the last 15 months. Staff are continually wondering when the next axe will fall …

  3. Bahamas Bond Review

    The Bahamas needs to spend more time listening to the financial markets and deciphering what they’re telling us.

    As we reported a couple of weeks ago on 97.5 FM before the announcement was made official by the government, the Bahamas recently floated its third major international bond issue in six years when it raised US$ 300 million in new twenty-year bonds. The issue was received strongly by the capital markets and is trading at a premium of 0.50% at the end of its first week of trading. In fact, the bonds are extremely difficult to come by, which takes us to our next point.

    In 2003 and 2008, the government issued US$ 200 million and US$ 100 million, respectively, in two separate bond issues. Notably, the ten largest owners of these bond issues are major U.S. insurance companies, inarguably among the most conservative investors in the world. Risk-averse investors including Genworth Life Insurance, American Bankers Life Assurance, and American Family Life Assurance Co have tucked these bonds away in their coffers, confident the Bahamas will be around in 25-30 years to pay the bond redemption (U.S. life insurance policyholders certainly hope so, too).

    The most recent data available indicate that foreign direct investment – the amount of international capital seeking investment opportunities in the Bahamas – now exceeds 10% of the Bahamian gross domestic product, up from about 3% in 2001. The Bahamas’ annualized gross domestic per capita growth rate has fallen more than 2% over the past three years. Simultaneously, the Bahamian consumer price index has accelerated over the past three years and the Bahamas’ current account deficit has remained stuck around 10% of gross domestic product. Moreover, our country’s trade balance has remained negative for more than a decade, a net drag on overall economic growth.

    From a macroeconomic perspective, these data indicate Bahamas’ peg to the U.S. dollar has engendered inflation even while global economic growth has been offset by the financial crisis; economic growth remains stagnant to anemic at best; and our country has become increasingly dependent on foreign investment for economic growth – a well-timed development given fewer tourist visits.

    The Bahamas must come to realize that international capital is a finite commodity, even with the tremendous amount of liquidity the global economy is awash in as a result of unprecedented monetary stimuli and quantitative easing policies by central banks. Our friends and neighbors perhaps realized this long before the Bahamas. A quick survey of regional sovereign debt issuance evidences multiple Costa Rican issues maturing through 2014; Dominican Republic issues maturing in 2011 and 2018; El Salvadorian and Guatemalan issues maturing intermittently over the next two decades; Jamaican and Panamanian issues maturing across the yield curve; and Barbadian and Trinidadian issues that remain well-bid maturing regularly across the yield – just to name a few. Concurrently, sovereign bond issues across the globe – including emerging market debt – have performed remarkably well.

    At the corporate bond level, companies such as the Petroleum Company of Trinidad and Tobago, the National Gas Company of Trinidad and Tobago, Digicel, Air Jamaica Ltd, Clarendon Alumina Products, and Columbus International have successfully raised billions of dollars in aggregate through international bond issues – again at varying maturities across the yield curve.

    There are important lessons to be gleaned from the capital markets. First, our friends and neighbors around the region have taken greater advantage of the relatively cheap capital available to them. While one can view foreign debt issuance in both a positive and negative light, our neighbors’ governments have gotten a head start in familiarizing the global credit markets with their stories. Second, our friends and neighbors have succeeded in issuing debt at different maturities across the yield curve and in doing so, have developed their investment and capital markets more and created a more diversified home for international liquidity. Third, foreign capital has found its way into private industry around the Caribbean through international bond tenders more ably than it has in the Bahamas.

    In conclusion, a country’s ability to service its current and proposed future foreign debt must play an integral role in budget and fiscal negotiations. While today may not necessarily be the ideal time for the Bahamas to expand its foreign borrowing and develop its yield curve, it must remain cognizant of the fact that foreign capital is a finite commodity. As central banks and monetary authorities unwind their monetary largesse and implement less expansionary policies over the coming years, the emerging markets will become a more competitive environment for attracting risk capital, particularly as interest rates creep higher. The Bahamas risks jeopardizing future private growth prospects if it does not gradually decouple from its long-standing beggar-thy-neighbor mentality and become a greater participant in the international capital markets.

    Wayne Johnson- Bsc. International Business and Management
    Minor-Communications
    Wayn759@hotmail.com

  4. BP, where is JR or the wutless webmaster, he called you all manner of names, even said that FCIB should pursue you legally. We have lived long enough to see that your story was not a hoax. Keep up the good works BP.

  5. What’s up with Ingraham and these SHARONs? First it was SHARON TURNER acting like a GROUPIE to the PM and now he is hiring SHARON BROWN in a top government position? Wow!

  6. I was always unsure about FirstCaribbean freeport. They have for sometime appeared unstable. Management in Freeport really needs this shakeup and restructuring. Maybe some people will loose their jobs but with the economy in the state it is in, everyone has to work to their fullest potential in order to make sure that when the axe falls, it is less likely to fall on them.

  7. Wisdom :Drama King, Most Bahamians do not know about the Indian prejudice in Trinidad.
    [Reply]

    Wisdom, if they were more traveled and not so anti-foreigner then they would know more about the cultures and isms of other nationalities.

  8. @canesfins
    Canesfins, sometimes it takes radicals like Omar Archer to behave the was he does to get the message across to people like you. He’s right, had it not been for “Bahamas Press,” the Bahamas will be sold at “HELL’S DOOR STEP.” I really feel sorry for those people who lost their entire life savings. Canesfins can your imagine losing $200,000 of your life’s saving and all the authorities pretends as if NOTHING HAPPENED?

  9. The reason why firstcaribbean will not say that its not laying people off because if they fired somebody, not because of the false allegations that people are being fired but the fact they weren’t doing their job. It will spark a a rucus and then people like BP will start sayin that fcib laying people off when they only fired on person because of their mistake. And firstcaribbean doesn’t want to say it is or not going to lay people off because like every other financial instuition in the bahamas they don’t know what will happen in the future. You could go to Royal Bank, scotia bank, colina, family guardian, etc. they will tell you the same thing. They wont say yes or say no to layoffs because they themselves do not know what they financial future holds…

  10. @bungalow
    This acknowledgement is SERIOUS. Far from the cries of our initial posts on the matter, where several bloggers said, this is UNTRUE!

    BUNGALOW, we are happy note you can confirm such a move, when so many have come on here and denied our story. NOW IF ONLY THE BANK CAN MAKE SUCH AN ADMISSION. THANKS FOR YOUR HONESTY!

    BP

  11. what is to come clean with? yes there will be layoffs. unfortunately people will loose their jobs. we (and everybody at the bank) has known this for months. unlike other normal countries though, the executive has to come in and negotiate with a union in order to do what is vital.

  12. First Caribbean International inaccurate, Irresponsible and WUTLESS in their reply of the concerns of pending STAFF LAYOFFS at the BANK! Why has the Bank refused to confirm or deny the fate of its employees. NO ONE IS QUESTIONING THE BANK’S FINANCIAL VIABILITY!

    THIS STATEMENT BY THE BANK IS JUST AS WUTLESS AS THE PLP! COME CLEAN FIRST CARIBBEAN, COME CLEAN! WE CRY SHAME ON YOU!

    Bahamas PRESS/Editor

  13. FirstCaribbean Bank Press Released delivered today as promises in our article……

    NOTHING Bahamas Press said in our post is being addressed in this press statement. Nor is the Bank answering the fate of its employee. However, here is their spin to the story. We also note the fact that they are booking ads in the WUTLESS MEDIA, now we know why they cannot ever report TRUTH or be OBJECTIVE!

    Bahamas Press/Editor

    NEWS RELEASE

    For Immediate Release

    NASSAU, Bahamas, March 5, 2009 – We are disappointed at the inaccurate, irresponsible and unsubstantiated comments on the financial soundness of FirstCaribbean International Bank (Bahamas) Limited.

    FirstCaribbean has today released its first quarter results, which show an $11.6m improvement in profitability compared to a similar period last year, with total assets in excess of $4 billion. Additionally, our Tier 1 capital ratio is 15.8%, substantially in excess of the Central Bank’s minimum requirement of 8%. FirstCaribbean International Bank Bahamas – which is a member of the CIBC Canada Group – is a financially and operationally strong financial institution firmly committed to continuity of the Bank’s operations in The Bahamas.

    The Governor of the Central Bank in her Press Release yesterday, spoke to the financial soundness of the local banking system for which we are a part. I quote below from the Governor’s statement:

    “Given the overall soundness of the banking sector, the Central Bank is therefore concerned about recent unsubstantiated material that has surfaced about the health of particular institutions. In the present environment, such unfounded assertions could unnecessarily exacerbate the uncertainty being experienced by customers, to the detriment of the financial system.”

    We find the misinformation irresponsible. We encourage all customers to view our excellent results, which will be published in the press tomorrow. They reinforce the stability and health of FirstCaribbean International Bank (Bahamas) Limited. We are ultimately 93% owned by CIBC, a substantial Canadian banking group.

    -o0o-
    Media contact:
    Sharon Brown, Managing Director, FirstCaribbean International Bank (Bahamas) Limited,
    FirstCaribbean Financial Centre, Shirley Street, Nassau, Bahamas. Tel: (242) 302-6042
    Fax: (242) 323-1087 Email: sharon.brown@firstcaribbeanbank.com

  14. Media that is why we should shop Super Value where it is said that our money stays at home. I shop at City Market only for single items. Otherwise, I go all the way to Super Value in Winton even though I could walk across the street to City Market at Sea Grape. I know that some Bahamians have invested in that company but the mere fact that they turn to foreigners instead of pooling Bahamian resources to purchase that company, I dont shop there.

  15. bungalow :
    this media guy is unbeleivable. FCIB should pursue him legally. i would encourage legitimite reporting, but this is irresponsible, and malicious in intent.
    fcib is cutting back staff as a precautionary move in the current global environment so they can be sure to come out of this downturn in a strong position. cutting 160 people is not easy for anybody, but sometimes necessary. bravo to the senior execs for having the courage to stand up to the dirty unions that benefit nobody.
    further to this, if media actually knew anything he would know the solvency and tier 1 capital ratio of FCIB is actually fantastic. there are few banks better to have you cash in today.
    and to the guy above that said that media is putting 3000 jobs at risk – poppycock!! medias post are a joke and all the read thru them would figure that out quickly, takes more than a fool to seed a run on a bank.
    media is basically a disgruntled malicious fool who gets a kick out of anonymously reporting the crap in his toilet paper. too bad he aint newsworthy nor knowledgable.
    [Reply]

    Well, I went to my branch and rather than just acting instinctively, I spoke to my manager, who is also a friend and he assured me that yes, some people will be going but nothing close to them shutting down. For now, thats good enough for me, although I will join in and say that this may be causing an unnecessary panic and like someone else said, if we all take our money out of the bank, how is that helping the remaining employees? Man I had to go there to hear someone I know and trust tell me to not let gossip run my business. Media, you may need to qualify what you’re saying because the potential for less critical thinking people to create a panic is really there. Be responsible man.

  16. No

    Omar Archer Sr. :
    Shut your face the hell up Caribbean Man. Go swing from your testicles in a pear tree. You’re so narrow minded. Did you ever thought of what might of happened if we didn’t have BP?
    [Reply]

    This is why Omar has no future in politics. My brother, we have seen this dog and pony show of yours too many times so I can tell you what will come next now that Canesfin has called you out. You’re going to apologize, then you’re going to swear you love someone with all your heart and that this will never, ever, happen again and that you are thankful for those who helped stay on the right path. My brudda, you can’t keep doing this and turning around and asking people to forgive you and then expect people to follow you seriously. I telling you now, you may as well become a community activist or something and find a real issue to talk about because you so far have shown yourself to be the narrowminded one. You think people ain’t forget your performance on Bodie’s show eh? That was narrowminded, even though I may agree with you. At least I ain’t asking nobody to vote for me.

  17. Omar Archer Sr. :
    Shut your face the hell up Caribbean Man. Go swing from your testicles in a pear tree. You’re so narrow minded. Did you ever thought of what might of happened if we didn’t have BP?
    [Reply]

    Omar – now come on, your response is rude and uncalled for.

  18. Drama King :

    canesfins :

    media :BREAKING NEW>>> Bahamas Press is also learning at this hour, CLICO’s Operating account was held at First Caribbean Bank International Bahamas…BP[Reply]

    And the relevance of this is what? FCIB is not going anywhere.
    [Reply]

    Canesfins you sound a little edgey. I think the relevance is clear. Any major company affiliated with CLICO should be named. What’s your point?
    [Reply]

    Edgy – no I jsut dont see any relevance. The fact Clico was a client of FCIB is not particularly relevant. I wonder where they purchased their office supplies from, and where they buy their bottled water from. There is no relevance to the fact that an operating account was at a particular bank. What is truly alarming is the unsubstantiated paranoia of our people and those reporting so called news.

  19. No jobs are being lost, the bank is not closing down and sharon brown is not retiring. this is when rumors go from one to ear to the next, it gets worse everytime someone passes it on. but if this stupid gossip is passed on by people like bahamas press then well people gettin laid off might actually come through because people like you causing bahamians to panic and cause us to lose business. You will be actually cause 160 jobs to be lose and then cause 20 more to be lose for your ignorance. to many times customers call the bank to ask if we closing down,l and we tell them the story over and over again saving accounts one by one to prevent them from closing cause people like bahamas press spreading bad news. You should be happy nobody tracked you down and sue you for deformation of character..

  20. Now it seems I have some answers to give since my name is called to do so. No, much as I admire Mr. Ingraham, I am not him. You can see I am a much kinder person and more tolerant of my fellow human beings. Do you really think that H.A.I. has the time to post as often as I do? Nor am I the scribe , although I admit to looking forward to his offerings….JR,Drama King: I knew about this in three ways-the first is I have a good friend in the banking system. -second I was born at the end of the Great Depression and though young at the time, have not forgotten the lessons.- Third, I have always been an ardant student of both history and psychology as it relates to humans. Now, it is not my business to interfere in the internal affairs of any businesses except my own. When one spreads rumours, even if they happen to have some truth to them, one can exaccerbate the problems. Knowing these tough economis times, you do not have to be a rocket scientist to know all countries will be experiencing multible layoffs in every sector. If you were fortunate enough to hear Obbie Wilchcombe’s contribution to the House today you would have heard a good explanation as to why things are proceeding as they are. He spoke in a bi-partison fashion and offered many good suggestons as how to move forward. Media: I, too, am grateful for this site as it gives an old “coger” like me a place to express myself and hopefully to educate some of the youngsters as to the mistakes our generation made so they will not make the same. I have only “good-will” for all of you.

  21. Eventhough BP might think that they are in someway helping the staff of FCIB or the Bahamian people, you are actually doing the total opposite. The staff of FCIB knew for sometime now that there would be a lay-off excerise. In my opinion, if you have to lay-off 150 persons to secure the jobs of 600 and the financial futures of the nation, then so be it. We all know that this is a serious economic time and drastic measures have to be taken, but if you have people out there spreading rumors of FCIB closing down (which is far from the truth) can you imagine what a catastrophe it can and will cause? People are going into the Banks and closing their accounts for fear of losing their monies because of this rumor which is just that, a rumor! It is untrue. And it’s causing people to panic. And as long as people panic and react this way because of this, things just might get worst for FCIB. So like I said before, you may think that your helping, but actually you are making it worst for the employees as it relates to their job security!

  22. Omar!!! Everyone is entitled to their opinion but your expressions are unacceptable man! Caribbean man has a point. While Bahamian interests comes first we still must care about our brothers!

  23. this media guy is unbeleivable. FCIB should pursue him legally. i would encourage legitimite reporting, but this is irresponsible, and malicious in intent.
    fcib is cutting back staff as a precautionary move in the current global environment so they can be sure to come out of this downturn in a strong position. cutting 160 people is not easy for anybody, but sometimes necessary. bravo to the senior execs for having the courage to stand up to the dirty unions that benefit nobody.

    further to this, if media actually knew anything he would know the solvency and tier 1 capital ratio of FCIB is actually fantastic. there are few banks better to have you cash in today.

    and to the guy above that said that media is putting 3000 jobs at risk – poppycock!! medias post are a joke and all the read thru them would figure that out quickly, takes more than a fool to seed a run on a bank.
    media is basically a disgruntled malicious fool who gets a kick out of anonymously reporting the crap in his toilet paper. too bad he aint newsworthy nor knowledgable.

  24. Shut your face the hell up Caribbean Man. Go swing from your testicles in a pear tree. You’re so narrow minded. Did you ever thought of what might of happened if we didn’t have BP?

  25. Mr. Media for your own “political and selfish reasons” do you realise you are also putting over 3000 jobs across the Caribbean in jeopardy? You are acting in a very irresponsible manner.

  26. Wisdom :BP. All this Financial “fraud” should encourage us to invest in Bahamian companies. At least we can put “faces” on our home base companies, we know their families, and we know where they live. I was privileged to learn the culture of Trinidad’s “Indian side”, you will find out they do not respect black people. They have this hidden stigma about black people. And we allowed them to control your monies? That is why the white masters gave the Trinidad “Indians” the managing power, because the white masters know those people consider us socially unacceptable and not worthy of financial power. Some often ask the question……”How in the Hell did black people got out of slavery in the first instance.”
    [Reply]

    Wisdom, I am totally with you on this. I know of that Indian prejudice in Trinidad. They view blacks as inferior and wouldnt care less if our financial ship sank.

  27. JR :

    media :Well it is good you know about it JOE BLOW, VERY GOOD. But you NOR the ‘Toilet Paper’ said a word about it. Now that is Interesting ech?I hope JR start his car up to race down and withdraw his money.BP/editor[Reply]

    How you know so good. Man my first stop is to FCIB in Sandyport and then on to Bank of the Bahamas. At least if they go under, I know how to find Paul McWeeney and I know Hubert would catch eternal hell if a Bahamian bank fails. Now, to Joe Blow, I’m with media on this one. If you knew about this for weeks, why didn’t you confirm Media’s story sooner? Why did Media have to show more facts before you chimed in that you knew? Sounds to me like either you knew and are okay with the FNM letting people lose their jobs and are happy keeping their secrets too or you’re just simply a liar. Anyone can claim they know about something after its been confirmed and Media did as he was asked and gave more info. So your admission that you knew for weeks too makes me think about what Media said to you a couple of months ago. Are you posting from the Cecil Wallace Whitfield Building Joe? LOL. They say Hubert is Scribe in the Punch so could Joe be him too? Media, you look like you have another job to do.
    [Reply]

    I think Hubiggity, the Scribe and Joe Blow are all one person.

  28. canesfins :

    media :BREAKING NEW>>> Bahamas Press is also learning at this hour, CLICO’s Operating account was held at First Caribbean Bank International Bahamas…BP[Reply]

    And the relevance of this is what? FCIB is not going anywhere.
    [Reply]

    Canesfins you sound a little edgey. I think the relevance is clear. Any major company affiliated with CLICO should be named. What’s your point?

  29. BP. All this Financial “fraud” should encourage us to invest in Bahamian companies. At least we can put “faces” on our home base companies, we know their families, and we know where they live. I was privileged to learn the culture of Trinidad’s “Indian side”, you will find out they do not respect black people. They have this hidden stigma about black people. And we allowed them to control your monies? That is why the white masters gave the Trinidad “Indians” the managing power, because the white masters know those people consider us socially unacceptable and not worthy of financial power. Some often ask the question……”How in the Hell did black people got out of slavery in the first instance.”

  30. By the way where is the Christian council in all this ?No one is speaking at least when John Humes was in charge he always said something even though it was off base.

  31. The chickjens have come home to roost.Under the previous FNM Govt most banks and insurance companys head offices were moved to Barbados.All of this took place under the auspices aof a wuthless press who do not seem to understand that their job is not to spectate and cheer but to be independent arbiters.I am sick and tired of Bahamian politicians who are only willing to tow the party line.Sayu what you like about the PLP of recent times but their different individual views on issues is what we need .Brown gives no comfort to workers at the bank bcos she does not know when the hammer will fall.Sad days are ahead for Bahamians as the Govt started the ball rolling and now its turning into an avalanche.

  32. media :
    Well it is good you know about it JOE BLOW, VERY GOOD. But you NOR the ‘Toilet Paper’ said a word about it. Now that is Interesting ech?
    I hope JR start his car up to race down and withdraw his money.
    BP/editor
    [Reply]

    How you know so good. Man my first stop is to FCIB in Sandyport and then on to Bank of the Bahamas. At least if they go under, I know how to find Paul McWeeney and I know Hubert would catch eternal hell if a Bahamian bank fails. Now, to Joe Blow, I’m with media on this one. If you knew about this for weeks, why didn’t you confirm Media’s story sooner? Why did Media have to show more facts before you chimed in that you knew? Sounds to me like either you knew and are okay with the FNM letting people lose their jobs and are happy keeping their secrets too or you’re just simply a liar. Anyone can claim they know about something after its been confirmed and Media did as he was asked and gave more info. So your admission that you knew for weeks too makes me think about what Media said to you a couple of months ago. Are you posting from the Cecil Wallace Whitfield Building Joe? LOL. They say Hubert is Scribe in the Punch so could Joe be him too? Media, you look like you have another job to do.

  33. Dear Media,

    I agree with Joe Blow and Canesfins, That communication from Mr. Orr would at least calm the nerves of those 600 plus employees that would be left. Go to the web site and pull the financial reports. As for Sharon Brown did you ever think that even though all of this propaganda is out that she maybe genuinely be at retirement age/years. Also you still have not indicated how you will save the jobs of the 160 workers nor have you given a solution on the way forward as there may be many more workers in the Bahamas in this economic time, if it is true. But it seems as if you have a dagger for FCIB and instead of pulling you are pushing. You have no empathy and I have added you to my prayer list.

  34. You get ahead of yourself Media. You yourself said a press release will be forthcoming between now and Monday. Your need to know is not more important then the obligation the company has to its own employees. The last thing this bank wants is to have an outside source be the one to let the public know the details of the downsizing until all the relevant players are informed. We know there will be layofs and we can guess why. Why are the numbers so important to you? Next you will want the names and positions of those who are being made redundant. After that you will want to know just why they made the choices they did. Then perhaps you will want an up-to-date financial statement so you can weigh in on whether they really needed to let that many go! Perhaps you can cause a “run on the bank” and force them into liquidation. Don’t be like the U.S. media!

  35. Media – you are dead wrong here. Your headline does suggest that FCIB is in a dire financial situation and is very propagandist. Your announcement of the layoffs was enough, you did not have to instigate the rumors of FCIB’s demise.

  36. @Protection in the financial

    “Protection”, Mr. Orr who might have sent this same communication to the ‘Toilet Paper’. But what is missing is his refusal to address the layoff question written in our post. Nor is there any mention of the the fate of SHARON BROWN FCIB BAHAMAS MANAGING DIRECTOR.

    Since this is clearly being avoided, the details we reveal in this post must be true.

    Bahamas Press never questioned the financial viability of FCIB. We never question it! But given the developments in the financial world today we simply asked the question, “Is First Caribbean Bank [ALSO] on the Verge of Collapse?”

    It is a legitimate question given the facts of downsizing now being discussed in the Bank’s Boardroom.

    Now that you have Mr. Orr’s communication and has sent it to us, perhaps you can get him to now answer our questions and post what will the bank do about the 160 staff members now ready for the firing squad.

    Bahamas Press/Editor

    PS: Watch the silence bloggers….

  37. Author : Protection in the Financial Sector
    Comment:
    MR. MEDIA YOU CAN ADD THIS FIRST HAND INFORMATION TO YOUR LIST ATLEAST FCIB IS NOT COLLAPSING EVEN IF SOME PERSONS HAVE TO GO HOME. LETS PUT OUR RESOURCES TOGETHER AND HELP OUR BROTHERS AND SISTERS.

    A note from the CEO
    March 4th 2009
    Colleagues
    Some of your have been contacting your managers expressing concerns about some irresponsible,unsubstantiated rumours being spread through an anonymous website, seemingly originating in The Bahamas, about the financial soundness of our operations in that country. We also understand that some of you have been receiving enquiries from concerned customers.

    As our first quarter Group results, which we published recently across the region, show FirstCaribbean continues to be a strong, profitable and well capitalised bank firmly committed to the continuity of the Bank’s operations and activities in the region.

    With regards to the issue in The Bahamas, The Governor of the Central Bank of The Bahamas is equally concerned about these rumours, and issued a statement to the media in The Bahamas. With her permission, we are including an extract of that statement for your information.
    “Like any significant financial development, the CLICO matter has generated considerable public concern. However, the Central Bank would wish to assure the public that the concerns over the current and potential impact of these developments on the banking system are exaggerated and erroneous. Our ongoing inquires have led us to believe that the CLICO failure has not imposed any risk to any of our domestic licensees, which all continue to operate as going concerns. All of our
    domestic banks are highly capitalized, with levels substantially in excess of the minimum requirement of 8% of risk weighted assets. Furthermore, the CLICO Group is not directly connected through
    ownership with any banking operations in The Bahamas and, as we were advised, the group represented about 1% of the Bahamian Dollar insurance market-which removes the possibility of contagion for the system as a whole.

    “Given the overall health of our banking sector, we are therefore concerned about recent unsubstantiated material that has surfaced which, in the present environment, could exacerbate the uncertainty being experienced by consumers and can cast a negative light on the financial system as a whole.

    “The Central Bank is continuing to monitor developments in the financial system very closely and, as always, will take prompt and decisive actions to safeguard the safety and soundness of the banking
    system, as may be warranted.”

    This is a time for continued prudence and vigilance. We cannot let ourselves be distracted from our purpose of providing financial solutions to our customers. Should you receive any queries from our
    customers about the soundness of FirstCaribbean, please point them to our first quarter results posted on our website at:
    http://www.firstcaribbeanbank.com/

    Thank you for your continuing support and commitment to the success of FirstCaribbean.

    John D. Orr
    CEO

  38. media :
    Well at least we know they have lost an account. CLICO’s account and now restructuring is headed for the bank.
    Come on Canesfins, you suppose to be a lawyer, stop trying to be Christie’s mouthpiece and deflect the intent of the post.
    BP
    [Reply]

    I am a lawyer, not supposed to be. And to say I am Christie’s mouthpiece is laughable, anyone who knows me will tell you I am my own mouthpiece, and no one elses.

  39. Well at least we know they have lost an account. CLICO’s account and now restructuring is headed for the bank.

    Come on Canesfins, you suppose to be a lawyer, stop trying to be Christie’s mouthpiece and deflect the intent of the post.

    BP

  40. media :BREAKING NEW>>> Bahamas Press is also learning at this hour, CLICO’s Operating account was held at First Caribbean Bank International Bahamas…
    BP
    [Reply]

    And the relevance of this is what? FCIB is not going anywhere.

  41. BREAKING NEWS>>> Bahamas Press is also learning at this hour, CLICO’s Operating account was held at First Caribbean Bank International Bahamas…

    BP

  42. Well it is good you know about it JOE BLOW, VERY GOOD. But you NOR the ‘Toilet Paper’ said a word about it. Now that is Interesting ech?

    I hope JR start his car up to race down and withdraw his money.

    BP/editor

  43. When a “down-sizing” decision is made by the “head-office” they establish the parameters (numbers to go) but it is the organization in question itself that decides who will get the “axe”. It stands to reason that the majority will be laid off in the “loans” department as most banks are approving very few loans these days. This affects accounting too. To make things a little more palatable a few of the “big-wigs” must go also. But they usually have a place to go as in the case of Ms. Turner. It would have been Mr. Ingraham who influenced the “powers that be” if any jobs were saved, Media. Your “breaking news” is something that has been known by bank personel and a few outsiders like me for weeks. But, of course it is your job to bring it to the attention of the general public.

  44. Many thanks for keeping us informed Media.
    You are doing a stellar job!
    Keep up the good investigative reporting…

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