Emily Noelle Lee's questions to Bank of NT Butterfield & Son Ltd (NTB) leadership • Q1 2025
Question
Emily Noelle Lee inquired about the potential impact of tariffs on Butterfield's customer base and operating jurisdictions, and asked what expense or non-interest income levers the company could pull to protect earnings during a potential economic downturn.
Answer
Michael Collins, Chairman and CEO, explained that there are no direct implications from tariffs on their jurisdictions, but the primary indirect impact is a higher cost of living for the local population, which could eventually pressure mortgage payments. To manage costs in a downturn, Mr. Collins outlined a two-pronged strategy: tactical actions like the recently completed voluntary early retirement program, and the long-term strategic build-out of their lower-cost operations center in Halifax, which now has 250 employees.