分类： business

Karen Darbasie, the trailblazing CEO of First Citizens Group, has officially retired after nearly a decade of leadership. Her departure was confirmed through a legal notice published on the Trinidad and Tobago Stock Exchange’s website on October 28, 2025. The notice stated that Darbasie’s retirement took effect on October 21, 2025, marking the end of her tenure that began in April 2015 when she succeeded Larry Nath. Notably, Darbasie was the first woman to hold the position of CEO in the history of First Citizens Group.

Darbasie’s retirement follows a period of significant organizational changes within the company. On August 21, 2025, she commenced approved vacation leave, as announced in an all-staff memorandum by then group chairman Anthony Smart. During her absence, Jason Julien, the group deputy CEO, assumed the role of acting CEO. The transition occurred amidst broader concerns about the bank’s operations, as hinted by Finance Minister Davendranath Tancoo on August 22. Subsequently, a new board was appointed to First Citizens Holdings, the majority shareholder of First Citizens Group.

In a surprising turn of events, the entire board of directors resigned on October 7, just one day before a special general meeting scheduled to elect a new board and CEO. The meeting on October 8 resulted in the appointment of a new board led by chairman Shankar Bidaisee, who also serves as chairman of Udecott and First Citizens Holdings Ltd. Jason Julien remains in the acting CEO position as the organization navigates this transitional phase.

Darbasie’s legacy includes not only her groundbreaking role as the first female CEO of First Citizens Group but also her appointment as president of the Bankers Association of Trinidad and Tobago (BATT). Her retirement marks the end of an era for the financial institution, which now faces the challenge of maintaining stability and continuity under new leadership.

Central Bank Governor Larry Howai has raised concerns over a significant surge in fraud incidents, which have collectively amounted to $3.3 million during the fiscal year from October 2024 to September 2025. Addressing a high-level meeting on October 28, Howai highlighted that women aged 30 to 49 residing in eastern and southern Trinidad are particularly vulnerable, being twice as likely to fall victim to such scams. The meeting brought together key stakeholders, including bankers, the TTPS Fraud Squad, the Financial Intelligence Bureau, and the Financial Intelligence Unit, to strategize on combating this alarming trend. Howai emphasized that while the current figures may seem modest, the growing sophistication of fraud schemes demands immediate action. He stressed the need for a unified approach to create restitution mechanisms for victims and implement preventive measures. Additionally, Howai pointed out that elderly individuals are disproportionately affected by online fraud, attributing this to the increasingly complex nature of scams. He also criticized the inconsistent handling of fraud cases by banks, noting that victims often receive varying levels of support depending on the branch or institution involved. In June alone, three women reported losses exceeding $3,000 due to fraudulent activities, including scams on platforms like Facebook Marketplace and false promises of visa assistance. Howai urged banks and the Central Bank to strengthen their frameworks to ensure consistency and enhance customer protection.

In a significant development for Trinidad and Tobago’s economy, Minister of Labour, Small and Micro Enterprise Development Leroy Baptiste announced that the National Recruitment Drive, launched on October 19, has the potential to inject up to $3 billion into the nation’s economy. This revelation came during the Senate’s budget debate on October 27, where Baptiste emphasized the initiative’s potential to restore employment, stimulate consumption, boost GDP, and reduce poverty. The recruitment drive aims to fill 20,000 vacant positions in the public sector, with a second phase expected to address private sector vacancies. Baptiste highlighted the multiplier effect of job creation, estimating that 20,000 direct jobs could indirectly generate 30,000 additional jobs, resulting in a total of 50,000 new employment opportunities. He projected that even with modest salaries, this could add approximately $1.8 billion to the economy. Furthermore, Baptiste underscored the importance of business community support for the initiative, which he believes will contribute to economic stability and increased contributions to the national insurance framework. The minister also criticized the previous administration, attributing a decline in workforce participation and employment rates to their policies. The budget debate also saw criticism from Vishnu Dhanpaul regarding the government’s proposed ten per cent wage increase for public service employees, though Baptiste did not address this issue in his presentation.