Massive Departures in Haitian Banks

Throughout the year 2023, Haitian banks were shaken by an unprecedented wave of resignations, losing 243 qualified employees. According to the Governor of the Bank of the Republic of Haiti (BRH), one institution even recorded a 25% loss of its executives.

The main reason cited for this professional debacle is the increasing insecurity prevailing in the country, prompting financial and banking experts to seek refuge, particularly in the United States. Ronald Gabriel, the head of BRH, expressed concern about this alarming situation during the “Le Grand Rendez-vous Économique” show hosted by Kesner Pharel on January 2, 2024, on Radio Télé Métropole. He emphasized that these massive departures have a serious impact on the daily operations of Haitian banks, highlighting the challenges faced by the local financial sector.

“The loss of 243 employees, including 25% of executives in a single institution, is a critical situation for the banking sector in Haiti. This jeopardizes the stability and proper functioning of our financial institutions,” stated Mr. Gabriel. Persistent insecurity in Haiti, characterized by issues such as political instability, the rise of crime, and the absence of a business-friendly environment, appears to be the main driver of this professional migration.

Haitian banking professionals, known for their expertise, are turning to more stable and secure destinations, especially the United States.”