Sterling Bank Sacks 400 Workers

STERLING Bank Plc has sacked 400 workers in a systematic mass retrenchment aimed at reducing overhead cost. News Agency of Nigeria, NAN, investigations showed that 97 per cent of the retrenched workers were former staff of Equatorial Trust Bank Ltd. acquired by Sterling.
A source close to the bank said that the mass sack, which started about three weeks ago would also affect another 150 workers because of the consolidation of the two banks. He said that workers were thrown into the nation’s saturated labour market with only three months’ salary as severance package.

4 COMMENTS

  1. Hmmmm. Maybe it’s part of Mr. President’s promises of job creation via fuel subsidy removal. What an irony! In a country where there is unimaginable mass unemployment without government efforts to correct it. Yet, there are also unimaginable massive retrenchment of the few workers.

  2. Is retrenchment a new thing. it happens everywhere in the world. the company can’t afford their cost any longer. what is their other option to close branch or close down

LEAVE A REPLY

Please enter your comment!
Please enter your name here