Revealed: Why Diamond Bank Sacked Over 1, 000 Workers

Date: 29-04-2015 3:51 pm (8 years ago) | Author: CLARA JANCITA
- at 29-04-2015 03:51 PM (8 years ago)
(f)

One of the Nigeria’s top financial institutions, Diamond Banks Plc., has reportedly sacked over 1,000 workers.

Reports say that the latest disengagement by the bank had to do with the fact that the bank is broke and cannot pay its bills.

Although some reports have stated that the tighter CBN monetary policy could also be a factor, sources have hinted that this is not the case.


Some say that the regulatory measures introduced by the Central Bank of Nigeria aimed at protecting the economy, has started affecting the banks’ profitability.

It was learnt that apart from job cuts, the bank is also planning to reduce the number of new branches to be opened this year.

A reliable source confirmed that the banks downturn may not be unconnected with one of it’s former MD  who has now gone into politics.

The said MD is said to have allegedly  taken a huge sum from the coffers of the bank to use for his gubernatorial campaign in one of the eastern states in Nigeria, which he eventually lost.

The fortunes of Diamond Bank has recently not been on the positive side as its 2015 first-quarter pre-tax profit fell 9.5 per cent to 8.36 billion naira ($42 million) from a year earlier.

The bank did not disclose why profit for the period end-March fell but said in a statement that revenue climbed 5.8 per cent during the period to 40.48 billion naira.

The banks profit after tax also fell by 10.72 per cent to N25.48 billion in 2014, compared with N28.54 billion in 2013 as regulatory induced costs continue to suppress profit.

Its operating expenses also increased by 19.89 per cent to N92.86 billion in 2014 from N77.40 billion in 2013.

Cost-to-income ratio, which measures the ability of a bank in cutting costs while boosting profit, reduced to 72.30 per cent in 2014 as against 66.57 per cent in 2013.

The banks corporate communications unit could not immediately be reached for comment on the development.


Posted: at 29-04-2015 03:51 PM (8 years ago) | Hero
- proly at 29-04-2015 04:07 PM (8 years ago)
(f)
Hmmmmmmmmmm
Posted: at 29-04-2015 04:07 PM (8 years ago) | Hero
Reply
- Ouch1212 at 29-04-2015 04:49 PM (8 years ago)
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Is my money safe?
Posted: at 29-04-2015 04:49 PM (8 years ago) | Upcoming
Reply
- PoliticxGuru at 29-04-2015 04:56 PM (8 years ago)
(m)
Abeg I still get 2000 naira with them ooo
Posted: at 29-04-2015 04:56 PM (8 years ago) | Hero
Reply
- zoe61 at 29-04-2015 05:38 PM (8 years ago)
(f)
they will pack up soon
Posted: at 29-04-2015 05:38 PM (8 years ago) | Hero
Reply
- Larry28 at 29-04-2015 06:04 PM (8 years ago)
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Next
Posted: at 29-04-2015 06:04 PM (8 years ago) | Hero
Reply
- DrSoba at 29-04-2015 06:06 PM (8 years ago)
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Ok,  but make dem no close down ooo, I get money there o.
Posted: at 29-04-2015 06:06 PM (8 years ago) | Gistmaniac
Reply
- bobchuks at 29-04-2015 07:17 PM (8 years ago)
(m)
Just passing.......
Posted: at 29-04-2015 07:17 PM (8 years ago) | Upcoming
Reply
- echeeche at 29-04-2015 07:23 PM (8 years ago)
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ok
Posted: at 29-04-2015 07:23 PM (8 years ago) | Hero
Reply
- beneno at 29-04-2015 08:30 PM (8 years ago)
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 Roll Eyes Roll Eyes Roll Eyes Roll Eyes
Posted: at 29-04-2015 08:30 PM (8 years ago) | Addicted Hero
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- mathzno at 29-04-2015 10:57 PM (8 years ago)
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Is this not an offshoot of ACB of those days??? Chop I chop bank nothing do you Oga at the top
Posted: at 29-04-2015 10:57 PM (8 years ago) | Gistmaniac
Reply
- stephen77 at 29-04-2015 11:01 PM (8 years ago)
(m)
Diamond Bank is a very reliable and safe bank. The bank has taken the appropriate measure to  prepare for an economic downturn in the event there is one.
Posted: at 29-04-2015 11:01 PM (8 years ago) | Newbie
Reply
- dareper at 29-04-2015 11:47 PM (8 years ago)
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I no want hear story with my dough wey plenty 4 there oo
Posted: at 29-04-2015 11:47 PM (8 years ago) | Hero
Reply
- Abubu86 at 30-04-2015 07:51 AM (8 years ago)
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That's why I don't for a day like bank job
Posted: at 30-04-2015 07:51 AM (8 years ago) | Gistmaniac
Reply
- Nicksam at 30-04-2015 08:25 AM (8 years ago)
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 Grin Grin Grin Grin
Posted: at 30-04-2015 08:25 AM (8 years ago) | Hero
Reply
- rizzotti at 30-04-2015 11:45 AM (8 years ago)
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not again
Posted: at 30-04-2015 11:45 AM (8 years ago) | Upcoming
Reply
- jahboi77 at 30-04-2015 01:24 PM (8 years ago)
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y wont they sack their worker where almost every is done electronically they will still sack! dnt worry
Posted: at 30-04-2015 01:24 PM (8 years ago) | Newbie
Reply
- elchymo at 19-08-2015 05:20 PM (8 years ago)
(m)
Ok na. Welldone for the sacking
Posted: at 19-08-2015 05:20 PM (8 years ago) | Hero
Reply

fire TRENDING GISTS fire

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