Harsh economy forces Ecobank to ‘sack’ 50 top managers

As a means of staying afloat amid the biting economic downturn in the country, Ecobank Nigeria Plc has sacked 50 top management staff of the bank, each of whose salaries costs the bank between N1 million to 2 million.

A PM News report which made this public added that the rank of those dismissed ranged from Assistant General Manager, Deputy General Manager and that they were on Tuesday handed their sack letters from the bank’s head office in Victoria Island, Lagos.

The newspaper quoted an insider as saying that the bank has been passing through tough time as a result of crippling economy, majorly caused by dwindling oil prices and the crumbling of the naira to dollar.

Revealing that the bank had been undergoing restructuring in recent times in order to survive in a fast collapsing Nigeria economy, the report disclosed that the source of revenue to the bank had dwindled since the hardship began biting hard.

The source continued that the battered economy is affecting all Nigeria banks and that since Ecobank had not been making money, there was no way it could continue to pay the huge wage bill of top echelon staff which ranged from N1 million to N2 million.

In the words of the insider, “Ecobank is not the only bank facing the biting effect of the economy and the bank is only trying to trim its wages.

“Since those at the top earned more, it decided to sack many at the top level.”

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