Gale of sack hits Ecobank

By Gbenga Alao

Fear of massive sack has descended Ecobank Nigeria, a subsidiary of the Ecobank Group as speculations are rife of full implementation of management’s strategic plans aimed at reducing the current size of the organisation.

According to sources within the bank, the plans are in line with current economic realities which have taken a toll on the bank’s financial fortunes and growth projections.

The first phase of this plan is to bring down current branch network of 479 to about 400, and those to be affected are unviable branches numbering about 74 or 79.  The source confirmed that the implementation of this phase is nearing completion.

The source further hinted that the second phase will involve the sacking of employees from the affected branches who may become redundant.  The number of staff being penciled down to be fired are put at between 120 and 150, while the rest may be deployed to other projects.

The sack is to be carried out in phases, though the bank has been silent on whether the implementation has commenced following the termination of appointment of about 50 employees under this exercise.

Sources within the bank confirmed to Media Issues that commencement of the bank’s digital transformation channels project has also contributed to the reduction of volume of work for staff, resulting in idle hands.

The Managing Director of the bank, Charles Kie recently confirmed that the bank plans to shift activities to digital channels to improve customer and delivery service at reduced cost.

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