Zenith Bank sacks over 1,200 employees

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.

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.


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  • Omeiza Beida

    With the high unemployment (no official record) already in Nigeria, what happens to them and their family. (Boko Haram)

  • cato

    Speculative journalism. Not even a single staff was sacked. Lie lie.

  • Obamu Benedick Olushegun

    fake news

    • Prince Ericsson

      Keep on deluding yourself! Buhari’s Govt has failed!

      • Comicbishop

        So, 3 months is enough time to conclude right? You had better wake up to the reality that we’ll this Government for at least 4 years.

      • Outraged

        JONATHAN THE THIEF OF OTUOKE SPOIL THE ECONOMY AND WENT BACK TO HIS BACKWARD VILLAGE. BABA SHOULD ARREST AND EXECUTE THAT MAN IMMEDIATELY. THE TIME TO DO IT NOW BECAUSE ALL NIGERIANS WILL SUPPORT IT. HE SHOULD EXECUTE HIM IN EAGLES SQUARE

        • Prince Ericsson

          Go to Otueke and arrest him and see whether Soldiers stationed in his Mansion won’t shoot off your sh*t-infested brains

          • Outraged

            The soldiers have been withdrawn. He will soon be arrested and executed. Just wait and see. He will spend the rest of his life in jail. Common thief

          • Prince Ericsson

            He will soon be executed…and then he will spend the rest of his life in jail! Which one should we take? you are really Outraged against GEJ and it is already making you confused

          • TheTruth

            Buhari has FAILED AGAIN! Just like he crashed the country in 1984/86, this time it’s worse, he has already outdone his then 2-year horrible record in just 1 year now.

    • nigerianunity

      Fake new on premium times on Sept 2nd 2016. Everything about you is fake. Go for deliverance!