Dismissals at Citco

October 30, 2008 4:38 AM

The worldwide financial crisis is especially affecting the hedge-and mutual funds companies on the island. This afternoon Citco called its personnel together. Insiders reported that it would be announced that dozens of people would be fired.

The board of directors was not available for comment. The management probably wanted to inform its personnel first before addressing the media. Especially Citco Fund Services was hit hard by the financial crisis. Around 250 people work in this section. The Citco bank at the Waaigat will probably also not be spared. Fund Services is situated at the Kaya Flamboyan.
The company also cancelled its yearly Christmas party at the WTC as a consequence of the market situation. Also the business in Toronto has made cut-backs. It is expected that the same will happen in Europe.
Because Citco is the biggest player worldwide in this specialized area, market fluctuations are easily felt. In terms of employment conditions, Citco is considered to be one of the best employers on the island.

(Source: National newspaper Amigoe)

29 October, 2008