Zenith Bank sacks over 1,200 employees

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

Though  the actual figure of those affected is yet to be ascertained,
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 premium time's 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.

Source - Premium Times