No More Sack – Bank Chiefs Resolve

This was part of a resolve taken by Bankers Committee at a meeting held in Abuja on Thursday.

Speaking after the meeting, the Managing Director and CEO of Standard Chartered, Nigeria, Bola Adesola said that mass retrenchment of workers in the banking sector has grave economic implications on the Nigerian economy.

She however was quick to assert that any worker who under-performs will be immediately kicked out.

“We know what the situation is like in the country, so we are looking of the ways of ensuring that we minimise any exits from our institutions,” she said.

“There will always be exit as you know, there are issues of fraud and scam but, as a matter of fact, is something that we discussed in the past where the governor prevailed on the banks to minimise any exit from the institutions.

“So we noted the market sentiments and I am sure, going forward, it will be different. And, like I said, we must also recognise that there will be reasons why people will leave and it is not only in the banking industry, even the telecom industry had this type of situation before. But its something that we should manage,” she added.

An estimated 1,500 workers in the banking services sector have lost their jobs in the past week, with Diamond Bank and Skye Bank dismissing the most.