Zenith Bank Sacks 1,200 Employees

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.