Preserving public confidence in First Citizens

As reported in yesterday’s Sunday Guardian, serious concerns are being raised by employees of First Citizens Bank (FCB) over the departure of several senior executives and the apparent inability of the board of directors to fill key leadership positions in a timely manner.

A whistleblower report, submitted in August under the bank’s whistleblower policy, reportedly attributes the situation to the actions of the current board. According to the report, six senior officials have resigned or retired, creating significant leadership gaps within the institution.

The report alleges that the board has struggled to attract qualified external candidates while failing to promote suitably qualified individuals from within the bank. Such claims, if true, raise important questions about governance, succession planning and the long-term stability of one of the country’s leading financial institutions.

Current Group CEO Jason Julien is scheduled to leave at the end of this month after accepting another professional opportunity. His predecessor, Karen Darbasie, had previously retired. The continued loss of senior leadership has heightened concerns about continuity at the organisation.

According to the report, the full board was summoned to meet with the Central Bank regarding the situation. The whistleblower argues that regulators do not typically call an entire board together over routine staff turnover, suggesting the matter has reached a level warranting regulatory attention.

The report also alleges that several senior managers have experienced hostile treatment during board meetings, including challenges to their professional competence and track records. These concerns follow previous criticisms regarding governance practices and the conduct of Deputy Chairman Dr Sterling Frost, himself a former Deputy CEO of the bank.

FCB Chairman Shankar Bidaisee has sought to reassure stakeholders, telling the Sunday Guardian that the vacancies will soon be filled and that two individuals have already been recruited to senior positions.

Importantly, there is no indication that the bank is facing financial difficulties. In March 2026, FCB reported profits of $422.9 million. While this represented a decline of approximately $22 million compared with the corresponding period in 2025, revenue increased by $101.8 million.

Recognising the significance of the issues raised, the Sunday Guardian sought comments from Finance Minister Davendranath Tancoo. The minister advised that questions should be directed to Chairman Bidaisee.

The matters raised in the whistleblower report go beyond routine corporate administration. First Citizens is not just another financial institution. It is a national institution, born out of the country’s drive to increase local participation and ownership in the financial sector. Its success has generated both shareholder value and national pride.

While the day-to-day operations of the bank remain the responsibility of management and the board, the State has a substantial interest in ensuring that governance standards are upheld and public confidence maintained.

This is not about politics. It is about accountability and confidence in an institution that plays a critical role in the national economy. Minister Tancoo should take an active interest in the matter and assure the public that appropriate oversight is being exercised and that any legitimate concerns are being addressed.