Minister of Labour and National Insurance Shane Gibson said yesterday he does not know if more layoffs are on the horizon for the banking sector, but added that the government is concerned about recent redundancies.
On Friday, RBC Royal Bank and RBC FINCO announced that "across the board" layoffs were imminent due to plans to create a third shared banking location.
The move is part of an effort to cut costs, improve efficiency and give better customer satisfaction, bank officials said.
Gibson said the Department of Labour was made aware of the impending layoffs and the bank's reasons for the redundancies.
While concerned about the job losses, he said the only thing the Christie administration can do is refocus on job creation and economic stimulus.
"Our position is whenever one employee is sent home, from any institution, whether it's from government or private sector institutions, it is a concern for us," Gibson said.
"I have no idea whether it's going to happen anymore.
"We can only go with what they present to us at the time.
"They've met with us. They've shared the information. We've shared our concerns.
"We are working feverishly around the clock trying to see how we can create new employment and that is why we are so happy with what we've been doing in Grand Bahama, Bimini and [at] Albany."
On Friday, Nathaniel Beneby Jr., RBC Royal Bank's managing director in The Bahamas, Cayman Islands and Turks & Caicos Islands, said the restructuring was ongoing.
Beneby could not say how many employees will be let go as a result.
However, he said some of the affected workers have applied for other job opportunities within the bank and have already secured different positions.
As part of the restructuring, RBC FINCO's main branch on Shirley and Charlotte Streets will relocate to RBC Royal Bank's main branch on Bay Street as of May 12.
RBC FINCO's Mortgage Centre in the Prince Charles Shopping Plaza will be consolidated with RBC FINCO's Carmichael Road branch as of May 5.
The bank's other shared location is in Grand Bahama.
RBC's announcement came nearly a month after officials from UBS (Bahamas) said 70 employees would be impacted by the closure of its private banking unit over the next 10 months.
In January, Scotiabank confirmed its plans to move certain functions from The Bahamas to Trinidad and Tobago in an effort to enhance "the efficiency and effectiveness" of its operations.
It is unclear how staff levels will be impacted because of Scotiabank's move.

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