UNITY BANK FIRES 215 STAFFS
BY OMOKHUALE PUAH
Unity Bank Plc Wednesday sacked 215 members of staff, reducing over 2000 workforce.
This exercise was to support lenders, blend into their operation and enhance a long term growth strategy, since the lender last May, forged a strategic alliance with Black Trituium, equity and investment fund manager.
Due to further fears, some of the downsized members of staff offered their resignation letters, as the management approved numerous packages for them, with reference to the bank’s policy.
According to investigated report, those affected by the sack are those that achieved less than 40 percent performance target, which affected the overall profit of the lenders in recent years.
This sack which involved all cadres of unity bank including the junior cadre, middle cadre and even the management positions, happened at the time which most banks are in struggle with low productivity, in a harsh economic conditions, coupled with the several risks from crude oil price.
Also, the bank is really in need of specialists to add up its workforce, due to the relocation of its head office to Lagos, which is part of the plans of growing market share in viable clusters of the retail market.
According to an unknown source, “This new focus of business has led to an enhancement of capital, in various units”.
This view was means incorporating fresh ideas, initiatives and energies in strengthening its various forms, alongside pursuing the attainments of strategic business focus in agriculture, Small and Medium Enterprises (SMEs) in the development of rural economy.