Nigerian banks sack Employees
NaijaRock
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Posted by Felix Okoli on December 22, 2009 at 13:10:43:
Within few weeks to Christmas, the best gift certain banks in Nigeria could give to their reasonably hardworking staff is a retrenchment letter. A couple of days ago, I read about UBA sacking about 2000 employees and now it seems to be the turn of Intercontinental bank sacking about 1500 employees. Call it recession induced downsizing or whatever but it appears that the banks are being affected financially by slow economic growth. The Guardian's investigation on Intercontinental bank revealed that in its over 300 branches nationwide, five workers from each branch had their appointment terminated even though staff salaries had earlier been reduced by 30 per cent a few months ago. These are not really the best times to work in a bank as the banking boom appears to have slowed down as Nigerian banks have been trying to reduce their liabilities.
Even though it is publicly known that most top Nigerian banks are not finding it easy in recent times, some banks seem to be buying time before announcing any reduction in their employee numbers. Things in the banking industry are not expected to be so rosy next year as more banks may have to cut down staff strength to survive the harsh market trends.
Lately, Oceanic bank has equally joined the train in sacking about 1500 members of staff in relation to the same desire to cut down the size of liabilities for the banks.
Comments:
Within few weeks to Christmas, the best gift certain banks in Nigeria could give to their reasonably hardworking staff is a retrenchment letter. A couple of days ago, I read about UBA sacking about 2000 employees and now it seems to be the turn of Intercontinental bank sacking about 1500 employees. Call it recession induced downsizing or whatever but it appears that the banks are being affected financially by slow economic growth. The Guardian's investigation on Intercontinental bank revealed that in its over 300 branches nationwide, five workers from each branch had their appointment terminated even though staff salaries had earlier been reduced by 30 per cent a few months ago. These are not really the best times to work in a bank as the banking boom appears to have slowed down as Nigerian banks have been trying to reduce their liabilities.
Even though it is publicly known that most top Nigerian banks are not finding it easy in recent times, some banks seem to be buying time before announcing any reduction in their employee numbers. Things in the banking industry are not expected to be so rosy next year as more banks may have to cut down staff strength to survive the harsh market trends.
Lately, Oceanic bank has equally joined the train in sacking about 1500 members of staff in relation to the same desire to cut down the size of liabilities for the banks.
Comments: