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   Market Date: 26-01-2015   
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Fear of mass sackings grips Diamond Bank

Category: Investors NewsBeat

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Fear of mass sackings grips Diamond Bank


Indications emerged on Wednesday that Diamond Bank Plc had embarked on an aggressive downsizing of its workforce.

Our correspondent gathered from some of the affected workers that not less than 400 members of the workforce from all the branches across the country were directed to resign their appointments with the bank.

Diamond Bank was among the five banks adjudged healthy by the Central Bank of Nigeria in its examination carried out in August.

According to the source, the top management of the bank directed the branch managers to forward the names of at least three people they could no longer work with to the headquarters of the bank for the exercise.

The source added that the management who refused to forward the names within the stipulated period.

The source said, “The thing came to me as a shock. We were actually asked to resign. I am a marekter, I usually go out for marketing. I came back on Thursday last week around and saw a mail in my box that I should get in touch with the human resources department. It was there they asked me to resign. I was shocked. Three of us were affected in my branch.

“The exercise started on Wednesday. They started with the Apapa region, we did not know that it would get to Victoria Island region.”

Reacting to the development, a spokeperson for the bank who did not wish to be identified said he was not aware of such development as the bank was neither downsizing nor rightsizing.

He said, ”I am just leaving the head office now, and there is nothing like that to my knowledge. Diamond Bank is not downsizing and it is not rightsizing as well. I do not believe it is true because I am just leaving the office.”

At least nine out of the 24 Nigerian banks have been under pressure in recent time following the CBN’s reforms.

A recent examination carried out by the CBN revealed a high level of poor corporate governance on the part of some of the CEOs who granted loans indiscriminately leading to liquidity squeeze in the banks.



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