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Wema Bank retrenches staff

Category: Investors NewsBeat

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Wema Bank retrenches staff

May 18, 2010

Wema Bank Plc has retrenched a number of undisclosed staff, the News Agency of Nigeria (NAN) has reported.

Bank sources told the NAN that the retrenchment was communicated to the affected officials at the weekend.Although no official reason was initially given for the action, a management source said it was part of the effort to reposition the bank for the challenges ahead.

The source said the workers’ retrenchment was the beginning of the bank’s moves to sanitise the environment.The bank’s spokesman, Mr Tunde Olofintila, confirmed to the NAN that the bank was undergoing some reorganisation.

“The bank came under a new management last June and there is a need to streamline things to ensure conformity with the dictates of the banking industry in the 21st Century,” he said.Olofintila gave the assurance that “all stakeholders, particularly the customers, will be better for it”, noting that the bank merely “released some staff from its workforce”.

He, however, denied speculations that some 5,000 workers were affected in the exercise, asking: “How many are we in the bank? “By the time 5,000 staff are asked to go, there may be no one to open the gate for you the next time you come visiting. “Put differently, 5,000 workers are not leaving the bank,” he said.


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