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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