Instability at the Top: The Growing Leadership Crisis at FCB
First Citizens (FCB), a systemic pillar of the financial sector, is currently navigating a turbulent period. A recent whistleblower report has painted a worrying picture of the institution, describing its current state as a “precarious position” following the departure of six senior officers within a single year.
The turmoil isn’t just about empty chairs; it’s about the culture and governance behind those vacancies. According to documents obtained by investigators, the exodus of top-tier talent is a direct symptom of alleged misconduct by the board of directors, creating a void that external candidates are hesitant to fill.
A Pattern of Departures: Who Left FCB?
The attrition rate at the executive level has been staggering. The report highlights a series of high-profile exits that have left the institution materially weaker:
- Chief Risk Officer (CRO): Gerard Morton resigned in January.
- Deputy CEO (Operations and Administration): Neela Moonilal-Kissoon departed in March.
- Chief Internal Auditor: Donna Miller resigned in April.
- Acting CRO: Nesha Ramkhalawan left in July.
- Chief Financial Officer (CFO): Opted for early retirement, described as a “functional resignation.”
- Group CEO: Jason Julien resigned on July 31, with his exit taking effect in August 2026.
Whistleblower Allegations: More Than Just “Routine Turnover”
The heart of the issue lies in a seven-page whistleblower report submitted under the institution’s internal policies. The report alleges that corporate governance failures are not only persistent but worsening. One of the most damaging claims is the description of a “hostile and disrespectful” environment created by board members during meetings.
This toxic atmosphere is cited as the primary reason why qualified internal employees are refusing promotions and external candidates are declining offers. When leadership is second-guessed and publicly criticized despite their professional competence, the result is a breakdown in the corporate governance framework.
Regulatory Intervention: The Central Bank Steps In
The situation reached a critical point when the Central Bank of Trinidad and Tobago (CBTT) summoned the entire board on August 11, 2026. In the world of banking regulation, summoning an entire board is far from routine; it is a signal of severe supervisory concern.
The report suggests that the regulator has independently concluded that the high attrition rate at FCB represents a systemic risk. This is particularly concerning given that the institution manages assets totaling $50.3 billion and employs approximately 2,000 people.
The Board’s Defense: A Path to Recovery?
In response to these allegations, Board Chairman Shankar Bidaisee has maintained that the bank is taking the necessary steps to stabilize. He confirmed that the bank has provided the CBTT with a comprehensive update on succession planning and permanent appointments.
Bidaisee stated that successful candidates for the Group Chief Risk Officer and Group Chief Internal Auditor positions have already been identified and will join the institution shortly. He insists that the board continues to exercise “robust oversight” to ensure the sustainable growth of the group for its shareholders and customers.
Final Thoughts: The Stakes for FCB
Whether the current leadership can restore confidence remains to be seen. For a financial institution of this magnitude, the stability of its executive team is not just a matter of HR—it is a matter of financial security and market trust. As FCB works to fill its vacancies, the industry will be watching closely to see if the underlying cultural issues are addressed or if the cycle of attrition continues.
