Bank explains why 50 managers were shoved out

Ecobank Nigeria on Thursday said that the recent reorganisation in which 50 senior staff  were retrenched was designed to strengthen the bank’s business across all markets.

The bank said  that the retrenchment  came after a review of senior staff bench strength and industry standards.

It explained that it was necessary for the bank to realign its work force for better efficiency in line with best practices, adding that those who were affected by the exercise were adequately compensated.

The statement said that the bank was committed to cost efficiency and investment in key initiatives in its transactions, banking, cards and e-banking businesses. (Read our exclusive story : Ecobank sacks 50 staff)

It stated that the bank would continue to simplify its operations to better serve customers to be ahead of the competition in the industry.

“The bank only recently promoted 300 staff, representing 10 per cent of the employees based on the bank’s commitment to recognising and rewarding excellence and exceptional performance,” it said.

The statement said that the bank had commenced a selection process of converting qualified non-core staff to permanent staff.

Ecobank recently sacked  50 senior staff to reduce cost. The sack affected general managers, among others.