Business

Mass Purge: Ecobank Sacks 1040 Workers

The gale of job losses being witnessed in the country following the decline in the economy has reached Ecobank Nigeria, as the continental bank sacked 1,040 employees yesterday.
This mass sack follows similar actions by other banks. On Tuesday, Diamond Bank sacked over 200 workers while fist bank laid off 1,000 of its workforce.
On Tuesday, Diamond Bank sacked over 200 workers while fist bank laid off 1,000 of its workforce.
Those affected by the action in Ecobank include regular full-time staff and contract workers.
Top officials of the bank told the newspaper that the bank had initially penciled down 1,400 workers to be laid off but the list was later cut to just above 1,000.
Ecobank spokespersons declined to comment on the number of workers who were disengaged.
However, the bank announced the it converted 200 contract workers to full-time members of staff as part of its move to reward hard worker among its employees.
In line with the recognition of excellence, the bank also said it had recently implemented a merit-based pay increase for the top performers across all cadres.
The Managing Director, Ecobank, Mr. Charles Kie, was quoted as saying that converting qualified outsourced staff to permanent workers was in line with the bank’s commitment to developing and growing talent by nurturing its people along their career paths and giving them access to higher responsibilities.
“The bank, in its renewed drive for optimal performance, has in addition realigned certain roles bank-wide to ensure improved efficiency. This necessitates the exits of some staff who were adequately compensated.
“This is in furtherance of a market repositioning exercise designed to strengthen the bank’s business across all markets where it operates.”

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