News: 1,200 Employees sacked at Zenith Bank

According to Premium Times, today, 7th of September marks a black day among the workers of the Zenith Bank PLC as about 1,200 workers have been relieved of their duties.


There are conflicting reports as regards the actual number of workers sacked but an initial report has it as 1,200 workers across the several branches of the bank. A reliable source reported that about 240 people, including eight General Managers and 40 Assistant General Managers, were affected.

This has been termed as a means of cutting down the current expenses of the bank as the top management officials were most targeted.

"One thing that is clear is that Zenith Bank is not under any threat," a  source who spoke with Premium Times reporter on condition of anonymity stated. "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.

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 after Access bank that sacked 1,600 workers and Mainstreet Bank parting with about 400 employees.