The National Commercial Bank, NCB, led by billionaire businessman Michael Lee-Chin, has introduced a Voluntary Separation Programme which will run from September 23 through September 29.&nbsp;
According to information obtained by CVM News, the rollout of the voluntary redundancy programme caused some confusion among employees. It was communicated via email, which some thought could have been a phishing attempt.
The email reportedly contained a form with multiple prompts for employees willing to participate in the programme to complete.&nbsp;
However, our understanding from sources indicates that the Staff Association swiftly advised employees not to sign or submit any forms, pending further clarification.&nbsp;
Among other things, to be eligible for the programme, employees must have been with NCB for more than two years and must not have previously resigned from the organisation.&nbsp;
CVM has not yet received details about severance packages or additional benefits.
NCB, Jamaica&rsquo;s largest financial institution, has undergone multiple restructurings in recent years as it managed through operational and economic challenges. &nbsp;As well, its stock price has traded as high as $249/share and is now trading at $44/share.
The bank has not publicly detailed the reasons for the voluntary separation offer.&nbsp;
CVM News will continue to monitor this developing story

The National Commercial Bank led by businessman Michael Lee-Chin, has introduced a Voluntary Separation Programme which will run from Sept. 23 to 29.

NCB Rolls Out Voluntary Separation Programme