Zenith Bank Sacks 1,200 Employees - Premium Times - Career -

Today is a sad day for some employees of the Zenith Bank PLC, one of
Nigeria’s leading new generation banks, who were served notices
terminating their appointments and services.

We are unable to
ascertain the actual figure of those affected, with initial report
claiming no fewer than 1,200 were involved from all the bank’s branches,
while a source close to the bank told Premium Times that about 240
people, including eight General Managers and 40 Assistant General
Managers, were affected.

What is, however, clear is that the
action swept away most of top management staff in a deliberate attempt
by the bank to drastically cut down on its top heavy management
structure.

“One thing that is clear is that Zenith Bank is not
under any threat,” the source, who spoke with our reporter on condition
of anonymity. “With the current crisis in the banking industry in the
country, it is incumbent on any bank that wants to growth 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.”

The
source, however denied speculations about the mode of serving
notification of sack on the affected staff, saying it was not true that
they were informed through text messages.

“A formal meeting was
held with the affected staff since Monday this week, where details of
their disengagement benefits were discussed and agreement reached,” the
source explained.

Zenith Bank says it’s overall vision is to
emerge a reputable international financial services network recognized
for innovation, superior customer service and performance, while
creating premium value for all stakeholders.

With the latest
development, the bank joins the growing list of banks in the financial
sector of the economy to embark on the restructuring of its staff as a
strategy to repositioning for growth.

Recently, Access Bank,
which acquired former Intercontinental Bank in the wake of the bank
consolidation policy, dispensed with the services of over 1,600 of its
workers across the nation, while Mainstreet Bank, one of the three
nationalised banks is reported to have equally sent more than 400 of its
workers away for a similar reason.