One of Nigeria’s leading commercial banks, Zenith Bank on Friday, September 4, 2015 served no fewer than 1,200 employees sack letters.
According to a source who spoke anonymously with Premium Times, about eight general manager and forty assistant general managers, were affected.
The source said: “One thing that is clear is that Zenith Bank is not under any threat. With the current crisis in the banking industry in the country, it is incumbent on any bank that wants to grow to bend backwards to re-strategize and restructure its operations to expand and grow.
“The number might not be as high as is being speculated. But, the decision is not by accident. It is a deliberate one, because the time is ripe for the bank to restructure the management and reposition its operations for greater efficiency and profitability both for shareholders and investors. The decision was inevitable that it had to happen.
“If one looks at Zenith Bank, it was becoming top heavy, with many of the managers earning so much that could have been enough to support the business growth plans. With the action now, there is no doubt that a lot of money would be saved for the bank.
“A formal meeting was held with the affected staff since Monday this week, where details of their disengagement benefits were discussed and agreement reached.”
Zenith Bank joins Access Bank and Mainstreet Banks, which recently laid off 1,600 and 400 of its workers respectively.
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