I hear that different Banks are Retrenching their staff
Does anyone know anything about this or why it is happening?
Thursday, September 10, 2015
Nigerian Banks Have Commenced Mass Retrenchment?
I hear that different Banks are Retrenching their staff
Does anyone know anything about this or why it is happening?
108 comments:
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This is bad!...
ReplyDeleteThese bankers are suffering...the worst job in Nigeria...
Na wah oh!...
Omg!
DeleteThe worse thing is that they take their time so much they don't even have space for business or sourcing for other jobs
The last bank retrenchment affected my aunt but she was cakke back after some months...
God bless Nigeria!
Stella the truth is no bank has actually done any serious retrenchment.The rumours about a bank laying off 1,200 stff is totally false.However,with the recent TSA,CRR and CBN policies on the Interbank market,there is a serious liquidity squeeze in the system. Meaning that a lot of banks will pay more to do business than before and generally this will lead to innovative ways of shedding cost. No banks have done any massive laying off but there are fears that this is where most of the banks will head to. Hopefully,this will notbe the case.
DeleteTrue........my aunt was affected....Sky bank....
DeleteAll the top directors were retrenched... They said they can't cope with their salary again....and of the truth my aunt was earning 700k per.month
@Galore
What?!!!! Top director in a bank in Nigeria 700k a month? Only????????
DeleteSomeone please tell me this is not true. Abeg.
If she was a top director, she must have been earning waaaay more than 700k a month.
DeleteExcept Na community bank.
I hope this isn't really happening though, I've a lot of friends in banking...
It's definitely mistake. Hubby is a principal/regional manager and earns over a million in a month. Madam get your facts right from your aunt please
DeleteCan't be 700k cod mangers earn up to N1m per month . Director will earn more unless Skype bank has a terrible payment plan for staff
DeleteOh dear... The labour market is filled up still o
ReplyDeleteAzin enh.. Over saturated!
Deleteretrenchment ke
ReplyDeleteI hear that it's cause of the new directive that all federal govt account should be controlled by cbn that's the TSA.. In which most of this banks trade with federal government money....
ReplyDeleteThat's a lie. A lot of the banks are in debt. When Jonathan was playing ten ten with people's future, many of you were too daft or blind to see. The banks loaned politicians money for campaigns. Majority of those loans have been classified as bad debt now.
DeleteIf you have been observant, you'll discover that cashiers at the banks since march this year will delay your life if you try to withdraw up to 500k at a goal. They run around like headless chickens trying to look for ways to prevent you from taking such amount at once.
It's either they retrench and recoup or they fold up. I feel sorry for the scapegoats, but there's nothing much that can be done for the time being.
For the sake of argumetnt; how does banks loaning money to politicians GEJ faults, mbok??
DeleteThe reason you adduced as the cause of any imminent stress within the banking sector is so pedestrian, unintelligent and lacks any form of logic... dont even know where to start to enlighten (pls I dont mean to insult nor embarass...)
Oloriburuku somebody. How dis one take concern Jonathan again now. Stupid fool
DeleteAnon 10:46. Dnt say rubbish confidently
DeleteAnon 10:46 you should consider suing your brains for non support. How does GEJ come in?
DeleteAnon 10:46 you should consider suing your brains for non support. How does GEJ come in?
Deletea.k.a EDWIN CHINEDU AZUBUKO said...
ReplyDelete.
First of all what is the meaning of retrenshment self...
.
.
***CURRENTLY IN JUPITER***
Lol! U didn't just ask that question.
DeleteChoi!
DeleteYou couldn't even spell it correctly after seeing it up there..
It means laying off workers or staff..
Lol! O ma Gaad! 'Headwin chinedu Azubuko' how u take pass WAEC?
DeleteLol! O ma Gaad! 'Headwin chinedu Azubuko' how u take pass WAEC?
DeleteYou for just check dictionary nah. Better still, Google it. Your phone shouldn't just be for hopping from blogs to blogs.
DeleteJesus is Lord.
Lol I wonder o,at least you have networt at Jupiter to check blogs so goggle shouldn't be difficult
DeleteCommon sense would have made you read that article carefully and understand what that word means without asking questions
DeleteIts only to listen to music and commenting on blogs you know. Google is your friend.
Its also good you asked sha...some people here do not even know and won't bother asking...at least now they will learn
Yes I take things like this seriously
Waiting for bashing comments. RME!
Zizzy, you take such things seriously and yet, you don't punctuate your sentences.
DeleteTeacher teaching nonsense.
Oversabis mchwwww. Cant u daft people see dat d guy was just being sarcastic? Y'all just want to sound smart but ended up being fools
DeleteThanks Anon 14:07, the quick-to-correct airheads could not even perceive that was being sarcastic and funny. The guy is either self -employed or simply does not give a hoot.
DeleteABCD has other twists and turns please; 'correcters' be STRONGLY advised.
Montel or whatever your name is, common smell off. You Ypu need up vomtradivti your silly self.
DeleteAnony, you are not visible, I have no words for you. Coward.
Sorry Zizzy I don't speak gibberish. #thatsecondlineofyours. Just take the feedback and move on. It is well with you!
DeleteYou*
DeleteContradicting*
Those days in Gtbank, you would leave your house on a very happy note, get to the office and find out you can't sign onto your system. No point call Technology unit koz your problem na from headquarters.
ReplyDeleteYou don't say!
DeleteYou are BIG liar!!!!!! Those days! Which days???!?!!
DeleteYea...Stella I saw this coming....its as a result of the TSA implementation by the government....what it means is...these commercial banks survive under keeping government money but now all government generated money are going thru a treasury singular account to the CBN...they don't have any choice than to find alternative and this is reason while they need to reduce there staff strength to be effective n maintain cost....my opinion though...
ReplyDeleteThank you jare
DeleteYea...Stella I saw this coming....its as a result of the TSA implementation by the government....what it means is...these commercial banks survive under keeping government money but now all government generated money are going thru a treasury singular account to the CBN...they don't have any choice than to find alternative and this is reason while they need to reduce there staff strength to be effective n maintain cost....my opinion though...
ReplyDeleteThis would be disastrous
ReplyDeletei pray it's not true
WAO, it is because of the TSA treasurer single account mr president ordered the MDAs to maintain with the CBN. bankers are becoming lazy because they are use to free money from the government, forget their duties on borrowing to the society.
ReplyDeleteso expect more sack from banks now, they will get into aggressive marketing now, because all the FG fund with banks are going back to CBN by 15th of September 2015.
I am not surprised.
ReplyDeleteThere is economic stagnation everywhere since Baba GoSlow came to power.
Lets enjoy the economic hardship.
We voted him knowing quite well that he knows nothing about economics.
Are you stupid or something
DeleteOde.. sharrap
DeleteShe for u
DeleteSmh*
DeleteEwu must u always spew trash??? Olodo!!
DeleteYou don't seem to have friends here.
DeleteMoneymaker def has friends here. All u idiots insulting him, wat would fools like u had said if it was Jonathan's regime. Stupid arse lickers. Buhari is a dullard, a nut case!
DeleteDefinitely going to be tough time for some workers because with each new policy by the government,comes its own change and some would be drastic.
ReplyDeleteWhen 470 accounts in 27 banks belonging to just one state and being managed by at least 100 account officers are closed and a single account opened for such state, the implication is that, less account officers are needed to work, more pressure are placed on surviving account officers to perform,...the effect is outright advise to resign!. Banking job is very volatile and unreliable. So many living with high PB, fear and anxiety. This report is expected. Good morning.
ReplyDeletehmmmm Joblessness is a disease. May God console anyone affected IJN.
ReplyDeletebad to know
ReplyDelete#GODWIN™
Kai
ReplyDeleteMaka why
ReplyDeleteMost of the funds that enhance liquidity and profitability of banks are deposits made by government Ministries, Agencies and Depts(MDAs). Now, the Federal Govt as a means of curbing looting/mismanagement of public funds has ordered that all MDAs open a Treasury Single Account (TSA) with the CBN before September 15th. Now, this movt of funds from commercial banks directly to CBN will affect liquidity and profit of banks. So the banks are most likely taking this retrenchment measure to reduce their expenses and running cost, since profit won't be as it used to be. They have to struggle to survive. Right now ehnn, marketers nyash go dey on fire cos they have to hustle for other means of bringing in deposits, most likely from individuals and private organisations. Banking job is not as attractive as it is on the outside my people.
ReplyDeleteBanks now resort to hiring contract staff. Most tellers and Customer service pple are contract staff. As a contract staff, u'r not entitled to most things others are entitled to. U can't demand for wage increase or promotion. And u can be fired at any time. AT this point, I don't envy bankers cos the pressure is just too much. Everybody eyes dey red.
I don't wish my enemy to be a contract staff in the banking sector.
DeleteThey are treated like trash.
Baba, u promised to create employment opportunities for the jobless ones but your policies are saying otherwise.
When I tell my parents I don't want bank job, they think I'm just lazy and don't want to work. ...bank wahala too much. ...those working in banks are one step in and one step out. ...na wa ..
ReplyDeleteLOL
DeleteYou are lazy
#richbee#
Lol! Bank work is very dicey. Same thing my dad said this morning. Their wahala is too much.
DeleteOh God thank you for not answering that my prayer of wanting to work in a bank. No be small slavery. As a banker in this country you don't even know which day will be your last at work. I don't envy them at all.
ReplyDeleteHeard Zenith Bank did theirs. I dont know what is happenning again ooo. Sai Baba has given order for TSA on all MDAs am sure that is why. Most banks make their monies through that.
ReplyDeleteIt is a pity. the market is already loaded and they are adding more. Make i continue to pray for my friends in the banking sector.
Eeeeeew abeg ooooh gat some frnds in dat sector oooh. God please ooooh
ReplyDeleteBank job na wahala job..na only managers dey enjoy......
ReplyDeleteHave not heard it...probably. They always do that.
ReplyDeleteOlodo! How will hear?
DeleteThat is Nigeria for you. Amysweet FG operating one Account is not the issue here. Banks in Nigeria has been inconsistent since Sanusi LAmido tsunami. Despite that, banks like Access bank engaged themselves in retrenching all the former Intercontinental bank staffs thereby adding more salts to the injury. Let the affected summon courage and establish business on their own because labour world is filled and graduates are been produced daily nation wide.
ReplyDeleteThat is ehn..
DeleteMore graduates r being produced & no job
As In enh? Access Bank just dey sac Intercontinental staff anyhow
DeleteZenith just sacked.
ReplyDeleteASO savings and Loans, a mortgage bank has sacked and still planning to retrenchment more staff soon.
I heard Access bank is warming up for it's own retrenchment.
Banking is the worse job ever.
Daily stress and suffer head will kill you yet you can get sacked without prior notice.
Sometimes u will just come to work and cant log into your system anymore,
Or they will send mails requesting your presence at the head office after COB close of biz.....and will just serve you a letter when you get there. Na bye bye be that oo.
You leave you house employed with plans on how to use the month's salary when it comes...and return home unemployed!
The president issued a mandate that all federal govt reserves should be handled by CBN henceforth and it seems thas what keeps most of the banks afloat.
Corpers are passing out everyday.
Labour mkt is over saturated.
Now more are joining.
Retrench ma not retrentchemt more.....
DeleteDon't bother thanking... Its my pleypor'
Olodo teacher! Thank you for teaching nonsense? Check your write ups!
DeleteImagine this idiot that can puncuate her sentences correcting others mistakes.
DeleteBy the way, overzealous Zizzy, it's 'Retrenchment' not ' Retrenchemt'
Thank me even though it's my 'pleypor'
@Zizzy Genovese....u gat 2 be kidding me....so 4 all d grammar wey coco blow nah just 1 typo error u see. Pple like u are just jobless. English language corrector....pple are making meaningful comment u are here looking 4 errors in pple's comments. Pls go get a life.
DeleteI guess auto correct never do you strong thing @Zizzy
DeleteHohohohoho hahahahaha kikikiki lmao!
DeleteCocoz, e dey do me steady, I was just being mischievous.
Hmmmm! It's so alarming. Most of them are even contract staff, n now retrenchment on top contract.
ReplyDeleteHa! They shouldn't o. Too many people are still out there chasing few jobs, now this? They shouldn't increase crime rate abeg.
ReplyDeleteStella nwunye Korkus edit d heading of ds post. U used ^it"s^ instead of ^its^. Anyways I don't hv any idea of why d Nigerian banks are undergoing mass staff retrenchment. But if u ask us na who we go ask... Make u find out com tell us sharparly afteral u b queen of aproko.
ReplyDeleteIt's because of the TSA directive
ReplyDeleteI saw this coming when it was reported that all Federal Government Accounts are now to be controlled by the Central Bank.
ReplyDeleteSo on September 7th, zenith bank retrenched 1200 workers. I knew it'd affect zenith first, because they were basically using public funds. Tats why before now the minimum amount of cash one could open an account with in this bank was 25,000 God help every other banks who were operating only with public funds. Now we see there was so much money stocked up or rather hidden somewhere in Nigeria and yet past government claimed that the Nation was broke and kept borrowing to salvage the economy.
ReplyDeleteIn as much as this is bad, I guess the TSA is the only way to reduce corruption as the hidden money is being recovered and no one is coming out to claim ownership. So we had enough money that could keep several banks running and the average Nigerian couldn't afford 3 square meals. I like the fact that we are all now masses(both the rich and poor) there's no social ladder for now at least I know some rich people who spend less and complain genuinely of the tight economy! Na so e suppose be. I feel sad though but I expected these banks to cut down on salaries rather than make people jobless. This is sad!!!!!
SDK's certified MD
Why you dey lie come dry quote date join...Zenith didn't sack anybody Haba
Delete@anon14:07 quoting the date meant the news was published and even though it's not up to that figure, it was everywhere am sure they did lay people off as someone close to me was affected. And when I used the banking hall yesterday I noticed one of the PBO had been changed asked why and they all said banking changes and all, usually they'd say he/she has been transferred but they said banking changes in a sad tone. Btw don't always say people lie sit down read about the story then come bring your truth to the table with facts.
Delete@anon14:07 which kind mumu talk be that? This thing about zenith sacking people was everywhere na only to come blog read Naim you said. Dundee United!
DeleteHahahhah after the long epistle.
DeletePlus the massive unemployed already on ground...it is well
ReplyDeleteIt is well o. They want to increase unemployment rate
ReplyDeleteHmmmmmmm. God i commit DH take absolute control. He must not loose his job in Jesus name
ReplyDeleteAmen. It's well for the Nigerian bankers.
DeleteIt's not easy at all.
I join u in your prayers, Amen.
DeleteAMEN! AMEN!! AMEN!!!
Delete#richbee#
Amen
DeleteThe boy living in Jupiter. Come down to earth then you will know what is retrenchment. Die on top stella's blog, no go school.
ReplyDeleteAmen to dat ur prayer my young sugar daddy too will not lose his job IJN
ReplyDeleteohhh
ReplyDeleteHehehehehe...its alrdy bad enough and now d want to make it worse...God abeg o!
ReplyDeleteYOU WHERE CHANTING CHANGE THIS IS THE CHANGE, OLD MAN TAKING DECISION WITHOUT CONSULTING THE ECONOMIST TO KNOW THE TOLL IT WILL BE ON THE MASSES, THERE ARE SO MANY PEOPLE OUT THERE JOBLESS SINCE 2009 THAT SANUSI CAME TO DESTABILIZE THE BANKING SECTOR ALL IN THE NAME OF STRENGTHENING IT, NOW ONE ACCOUNT TO BE CONTROLLED BY CBN HOW CAN THEY COPE OR PAY BILLS, IS THE GOVERNMENT MONEY THAT THE BANKS ARE TRADING WITH. THIS IS ABSURD THAT THINGS ARE GETTING SO DIFFICULT WITHIN THIS PERIOD OF CHANGE, MAKING STRINGENT LAWS THAT ARE VERY DETRIMENTAL TO THE MASSES
ReplyDeleteYOU WHERE CHANTING CHANGE THIS IS THE CHANGE, OLD MAN TAKING DECISION WITHOUT CONSULTING THE ECONOMIST TO KNOW THE TOLL IT WILL BE ON THE MASSES, THERE ARE SO MANY PEOPLE OUT THERE JOBLESS SINCE 2009 THAT SANUSI CAME TO DESTABILIZE THE BANKING SECTOR ALL IN THE NAME OF STRENGTHENING IT, NOW ONE ACCOUNT TO BE CONTROLLED BY CBN HOW CAN THEY COPE OR PAY BILLS, IS THE GOVERNMENT MONEY THAT THE BANKS ARE TRADING WITH. THIS IS ABSURD THAT THINGS ARE GETTING SO DIFFICULT WITHIN THIS PERIOD OF CHANGE, MAKING STRINGENT LAWS THAT ARE VERY DETRIMENTAL TO THE MASSES
ReplyDeleteIt is well,God help us
ReplyDeleteBank work no be better work .We dey tell dem all dis yrs den no hear.Na fake life den dey live.
ReplyDeleteNa waoo!No where is safe. God na for ur hands we dey
ReplyDeleteMay God console those affected.
ReplyDeleteZENITH BANK DID NOT SACK ANY BODY PLSSSSSSSSSSSSSSSSSS
ReplyDeleteThe reason why bank work in Nigeria no be better work is because these banks aid and abet the corruption going on in the country. Please what is a bank meant for? They are to fund honest business men and have an inclusive structure to cater even to the masses. In a work in society, that is what happens. Not having 75% of profit from government funds being looted by politicians. Everyone is crying foul now, but in the long run, the economy will be the better for it. Yes, more people will enter the labour market. But with the right policies, banks will begin to fund SMEs that genuinely have something to offer. That way, more people will get employed and the economy will be better. Please no one ever had it easy, there will be a period of suffering. Remove your bias and misconceptions and focus.
ReplyDeleteThank you.
Spot on!
DeleteSo on point!
DeleteIt is well with this Nation! For those who have been affected don't worry cos God will open the heavens and shower his blessing on you.
ReplyDeleteOhhhh. Love me my job and the sector. Slow and steady we getting there. Resume before 8:45am and shut down at 4 pm. Lord I'm so so grateful. Anyhow e be profit must be made and allowances paid. It can only get better.
ReplyDeleteMy love to anyone under tension from on-going reforms in the banking sector.
It is well.