Another Major Bank Downsizes, Sacks 1,040 Staff


Ecobank Plc has been hit by the major downsizing and economic hardship facing the banking sector as it has sacked 1,040 of its staff.

Punch reports that top officials of the Pan-African lender confirmed that the initial list of those to be sacked had over 1,400 workers but was later reduced to “a little above 1,000.”

Ecobank Transnational Incorporated, ETI had posted over N40bn decline in its profit for the 2015 financial year owing to high impairment charges.

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Though the Pan-African bank is yet to officially confirm the  exact number of employees affected, it however said in a statement that it had converted over 200 outsourced personnel to permanent employees as part of its drive to attract and reward talent, while also re-positioning for improved efficiency.

ecobank major downsizing

Based on its re-positioning plan, Ecobank says it had to disengage some staff, while ensuring that, in line with industry standards, they are treated fairly.

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.

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.

He said the bank was resolute that recognising and rewarding excellence would drive its goal of achieving exceptional performance in the industry.

Kie said 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 re-positioning exercise designed to strengthen the bank’s business across all markets where it operates.

He emphasised that the ETI was on a trajectory to achieve leadership and that the Nigerian subsidiary remained one of Ecobank Transnational Incorporated’s major affiliates as well as one of the country’s systemically important financial institutions.

Kie explained that the bank’s focus is to improve the quality of service to its customers as well as operational efficiency.

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The bank says it understands that people are its key assets, therefore it has emphasized the need to reward its best performers, continue to re-invigorate its people, while also opening up new opportunities for talented and committed people to join them as permanent employees.

Recall that the bank in February sacked about 50 senior managers as part of its cost-cutting measures amid a challenging business environment.