Heritage Bank has embarked on mass retrenchment of its
workers with 400 staff sacked in December.
According to investigations on Monday, it was indicated that
more workers are penciled for sack.
The bank, in October 2014,
acquired Enterprise Bank with
about N56 billion (281 million dollars).
A top management source in the bank, who pleaded anonymity,
said that the sack cut across the top, middle and low cadres.
He said that the mass sack was creating apprehension and
fears among the remaining workers
The source said that the remaining workers, especially
workers from the former Enterprise Bank, feared they could be disengaged
anytime.
He said that workers from the former Enterprise Bank were the
most affected in the ongoing restructuring exercise embarked on to improve the
bank’s profitability.
The bank embarked on the massive sack in spite of the
Minister of Labour, Dr. Chris Ngige’s directive to financial institutions to
desist from the sacking spree.
Mr. Fela Ibidapo, the bank’s Head of Corporate
Communications, however, said that the figures were not correct.
Ibidapo said that the mass sack was not limited to the bank
as it cut across all operators in the industry.
There have been media reports of the bank’s financial
instability which the bank denied.
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