The Unit Trust Corporation of Trinidad and Tobago (UTC) says that while it will be laying off employees to "restructure and reorganise" it is an ongoing exercise where people will also be hired.
UTC's vice president of Marketing, Communications and Distribution Channels, Gayle Daniel-Worrell, told the Express in a telephone interview yesterday that she could not say how many employees would be affected, but could confirm reports that four vice presidents have been "made redundant" in order to align the corporation's senior management structure to industry standards.
Reports are that 26 people will be fired from the organisation, including vice president of Customer Service Centre Network, Reuben McSween, vice president of Corporate Support Services, Gary Pierre, chief risk officer Emily Chee Wah, and vice president of Electronic Services, Richard Shepherd.
"The Unit Trust Corporation is in the process of realigning its overall structure in the course of the next several months. The removal of redundant positions will also reduce overhead costs and allow us to provide better returns in the future for our Unitholders. While these decisions are never easy, it is our duty (to clients) to continue to remain efficient and cost-effective. This means reducing our management costs whenever, and wherever, we can.This process will result in a stronger, more competitive, more efficient and better focused corporation," she added in an e-mail.
The Sunday Mirror reported at the weekend that these cost-cutting measures were a result of the company needing to pay significant sums in consultant fees.
"This is completely false. UTC has for years utilised the expertise of consultants who bring value, expertise and experience to our business. Retaining consultants is a normal feature of today's business and the principal objective of the corporation when seeking external assistance is to ensure that the corporation receives value for money," said Daniel-Worrel.