Banks Agree To Reduce The Mass Sack

The leadership of commercial banks may have agreed to halt the retrenchment of workers following threats by the Government top sanction them. It was learnt that they agreed to minimise the planned sack.

The Managing Director of Standard Chartered Bank, Mrs. Bola Adesola made the disclosure at the end of the Bankers Committee Meeting in Abuja on Thursday.

Her words, “Banks in the country are looking at ways to ensure that we minimise exits from our institutions. There will always be exits if there is fraud and so forth, people will exit institutions.”

She said banks pulling back on retrenching workers is not new stressing that “it is something we have discussed in the past where the Central Bank of Nigeria (CBN) governor prevailed on the banks to minimise any exits from the institutions.”

Her words: “Banks understand the implication of people not being in employment. So, we noted the sentiments and going forward it will be difficult but there will be reasons why people will exit not just in the banking industry but in telecoms and other industries. It is something that we will manage.”