Economic Downturn: Ecobank Sacks 40 top managers, elevates 300 staff

Economic Downturn: Ecobank Sacks 40 top managers, elevates 300 staff
Workers at Ecobank Nigeria have been experiencing some mixed fortunes following the unfavourable economic and financial climate in the country.
On Tuesday, forty top managers of the bank were sacked from the bank. Those affected include Assistant General Managers, Deputy General Managers and above.
It was also revealed that those shown the way out earned monthly salaries which ranged between N1 million and N2 million, an indication that the decision to give them the boot arose from the dwindling fortunes of the bank in the light of the nation’s economic downturn.
Since the Treasury Single Account policy,TSA was enforced by the Buhari administration, many banks have increased the rate at which they have been laying off staff.
A manager of Ecobank Nigeria recently said, “You know the bank has been laying off staff at mostly junior level, but this is really the first time that managers are involved.
However, as the reports of the sack of 40 top Ecobank Nigeria managers were sinking in, the bank also released a statement announcing the recent promotion of about 300 people described as top performing staff.
At least 10% of its workforce was affected by the promotion exercise, the bank said.
A statement by the Deputy Managing Director of the bank, Anthony Okpanachi, said Ecobank was fully committed to rewarding excellence just as it was poised to continue taking appropriate positive action in line with international best practice to sustain excellence in its work force.
“Our people are our precious assets who enable us maintain service quality standards, uphold customer satisfaction and enhance our brand experience”, he added.
The promotion exercise was said to have followed on the heels of an in-house appraisal of its workforce.
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