THE GLOBAL FINANCIAL CRISIS HAS FINNALY TAKING TOLL ON OCEANIC BANK, IN THE LAST 30 DAYS THE BANK HAS LAID OFF OVER 1500 STAFF OF THE BANK, THE NUMBER IS STILL RISING, AS MORE AND MORE LETTERS ARE BEING ISSUED.

THE WORST AFFECTED ARE THE MARKETING STAFF AND THE CONTRACT STAFF(BULK TELLER, FRONT TELLERS, SECURITY ETC), EVEN SOME OF THE MANAGEMENT STAFFS THAT WERE RECENTLY IN POSITIONS LIKE ZONAL HEADS, REGIONAL NAMGERS ARE ALSO EFFECTED.

IN JUST LAST WEEK ALONE 425 STAFFS WERE SACKED AND THE NUMBER WILL BE HIGHER THIS WEEK COS, MORE LETTERS HAVEARRIVED BRANCHES.

IT IS OBVIOUS THE BANK CANNOT MEET UP WITH THE HIGH PAY PACKAGE, AND THEREFORE THEY HAVE TO SACRIFICE STAFFS. UNLIKE ZENITH AND INTERCONTINENTAL, THAT SLASH SALARY TO SURVIVE THE MELTDOWN, OCEANIC BANK HAS DECIDED TO MAINTAIN ITS PRIDE (HIGHEST PAYING BANK) AND LAY OFF STAFF, SO UNFORTUNATE.

IT IS SO WORRISOME, COS IT TOOK THE BANK OVER 6 MONTHS TO RELEASE ITS LAST YEAR FINACIALS AFTER SEVERAL PRESSURE FROM ITS SHARE HOLDERS. DECALRING N9B PROFIT AFTER TAX AS AGAINST N43B THE PREVIOUS YEAR.

THOSE OF US THAT ARE IN THE SYSTEM KNOW THAT THE BANK ACTUALLY MADE A LOSS BECAUSE, THE GROSS PROFIT WAS N63B AND BANKS HAD TO MAKE PROVISION FOR THE MARGIN LOAN WHICH WAS OVER N73B IF YOU NET THAT, IT WILL FIVE U A N10B LOSS.

NO DOUBTWE ARE HEADING FOR THE ROCKS. OCEANIC BANK CANNOT SURVIVE DECEMBER 2009. THOSE OF US IN THE SYSTEM KNOW THAT WE CANNOT BE IN TH BANK COME OCTOBER COS B/W NOW AND THEN 5800 STAFF WILL BE LAID OFF FORM ITS EXISTING 7500 STAFFS. CONFIRMED REPORT FORM THE HUMAN RESOURCE DEPARTMENT.

FOR YOU BELOVED DEPOSITOR, BE CAREFUL.

ITS SO UNFORTUNATE BECOS STAFF ARE SACKED FOR SILLY REASONS LIKE:
-NON REDITIONS OF WEEKLY REPORTS-
-RECOMMENDATION FOR TRANSER TO OTHER BRANCHES
-SENDING OF TO STAFFS IN BULK
-FORWARDING OF MAILS FROM THE OFFICE TO OTHE MAILS EG YAHOO, HOOTMAIL
-BROWSING DURING OFFICE HOURS.

what exactly do you want to achieve with this negative remarks about the bank? may god help you.

This reminds me of the saying: 'Do not bite the finger that feeds you'

Let it be known that an employer has the right to fire an employee provided that the acts or omission of acts has been clearly spelt out in the employee hand book. In which case, the onus for you to prove that your employer's reaction to your action or inaction lies solely on you. Take them to court about you doing any of these things you have classified as 'silly' and lets have a celebrated case.

It's stunning to know that this is coming from an Oceanicbank staff!

You guys do not have this understanding that the post will help staff who might fall victim as well as others in the related field to adjust their lifestyle and plan ahead for the future challenges. No one is actually happy about the action Oceanic Bank is taking, considering the fact that some of the victims will now add to the already innumerable unemployed in the country. Even when they get employed elsewhere, what again is the possibility that they will be paid what they used to recieve. Now, that is a minus for them and those who depend on them for welfare and support. A forum like this helps people to think, share experiences and sometimes plights. All you need do at these time is encourage and make suggestions that will better lots.

obo yeeeeeeee its really a pity.
well for people that think otherwise i pray u don fall victim or have someone that will fall victim
ITs Really A BIG MESS WITH THE BANKS.

I AM NOT SAYING ANYTHING NEGATIVE ABOUT OCEANIC BANK, WHAT I SAID IS THE TRUTH AND NOTHING BUT THE TRUTH. I DONT THINK IS OUT OF PLACE TO SAY MY VIEW ABOUT THE CURRENT TREND ABOUT THE GLOBAL CRISIS AND HOW IT AFFECTS OCEANIC BANK.

SORRY IF ANYONE IS PISSED OFF, I AM JUST SHARING INFORMATION IN A FORUM. NON OF WHAT I POSTED WAS COOKED UP THEY ARE FACTS. YOU CAN CONFIRM FOR YOURSELVES.

it's a pretty sad tale,

IT IS OBVIOUS THE BANK CANNOT MEET UP WITH THE HIGH PAY PACKAGE, AND THEREFORE THEY HAVE TO SACRIFICE STAFFS. UNLIKE ZENITH AND INTERCONTINENTAL, THAT SLASH SALARY TO SURVIVE THE MELTDOWN, OCEANIC BANK HAS DECIDED TO MAINTAIN ITS PRIDE (HIGHEST PAYING BANK) AND LAY OFF STAFF, SO UNFORTUNATE.

Who said Zenith slashed salary? Where did you get that info? Man, try and be constructive in giving out information that are not true.

I FIND VERY HARD TO BELIVE THIS POST,  WILL SURE CONFIRM FROM A RELIABLE SOURCE.
PLS, SLOWDOWN WITH YOUR CONCLUTIONS WHILE I DO MY FINDINS.

THANK YOU.

osamaobama:

THE GLOBAL FINANCIAL CRISIS HAS FINNALY TAKING TOLL ON OCEANIC BANK, IN THE LAST 30 DAYS THE BANK HAS LAID OFF OVER 1500 STAFF OF THE BANK, THE NUMBER IS STILL RISING, AS MORE AND MORE LETTERS ARE BEING ISSUED.

THE WORST AFFECTED ARE THE MARKETING STAFF AND THE CONTRACT STAFF(BULK TELLER, FRONT TELLERS, SECURITY ETC), EVEN SOME OF THE MANAGEMENT STAFFS THAT WERE RECENTLY IN POSITIONS LIKE ZONAL HEADS, REGIONAL NAMGERS ARE ALSO EFFECTED.

IN JUST LAST WEEK ALONE 425 STAFFS WERE SACKED AND THE NUMBER WILL BE HIGHER THIS WEEK COS, MORE LETTERS HAVEARRIVED BRANCHES.

IT IS OBVIOUS THE BANK CANNOT MEET UP WITH THE HIGH PAY PACKAGE, AND THEREFORE THEY HAVE TO SACRIFICE STAFFS. UNLIKE ZENITH AND INTERCONTINENTAL, THAT SLASH SALARY TO SURVIVE THE MELTDOWN, OCEANIC BANK HAS DECIDED TO MAINTAIN ITS PRIDE (HIGHEST PAYING BANK) AND LAY OFF STAFF, SO UNFORTUNATE
.

IT IS SO WORRISOME, COS IT TOOK THE BANK OVER 6 MONTHS TO RELEASE ITS LAST YEAR FINACIALS AFTER SEVERAL PRESSURE FROM ITS SHARE HOLDERS. DECALRING N9B PROFIT AFTER TAX AS AGAINST N43B THE PREVIOUS YEAR.

THOSE OF US THAT ARE IN THE SYSTEM KNOW THAT THE BANK ACTUALLY MADE A LOSS BECAUSE, THE GROSS PROFIT WAS N63B AND BANKS HAD TO MAKE PROVISION FOR THE MARGIN LOAN WHICH WAS OVER N73B IF YOU NET THAT, IT WILL FIVE U A N10B LOSS.

NO DOUBTWE ARE HEADING FOR THE ROCKS. OCEANIC BANK CANNOT SURVIVE DECEMBER 2009. THOSE OF US IN THE SYSTEM KNOW THAT WE CANNOT BE IN TH BANK COME OCTOBER COS B/W NOW AND THEN 5800 STAFF WILL BE LAID OFF FORM ITS EXISTING 7500 STAFFS. CONFIRMED REPORT FORM THE HUMAN RESOURCE DEPARTMENT.

FOR YOU BELOVED DEPOSITOR, BE CAREFUL.

. I am shocked at the O/P. There is no iota of truth in his allegations. The bank made provisions in the 15 months ended December 31, 2008 as required by the CBN. Not only Oceanic Bank , but all the banks are making provisions. The O/P made wild allegations possibly to settle scores. According to the bank's audited results,Oceanic Bank grossed N188.22 billion. The gross earnings rose by 151 percent over N113.28 billion earned at the previous year.( Source; Thisday July 21,page 54 2009).Profit before tax was N53.21 billion. Provisions were made for N42 billion.
Let it be known that provisions are not losses . They are recoverable and when recovered becomes part of profit.
Go thru today's dailies and see provisions made by banks. People should not display their apparent ignorance of financial statement interpretation and analysis for the public to read.
You may be a banker but yet to understand the fine details of financial statement interpretation.Come out with facts and figures of banks not making provisions and I will go the extra mile of posting detailed analysis of various banks and their provisions. The ball is in your court.

It's true a forum like this can help inform it is on this note i ask IS OCEANIC BANK IN DISTRESS cos my money is in that bank u know am not Okocha who could still leave confortebly even after his bank fold.

@ nwakaibe

U digress fromn the crux of the matter. which is that Oceanic is mass -displaying staffs based on the very tight situation that the banks find itself.
leave the financials allone okay if u are notor were not an insider YOU will possibly be  basing ur  analysis on what is available in the public.Were Cabury's book  not tantalizing to any investor b4 the cat was let out  of the bag
Boi dont be a gullible,the truth is that this provisions for bad debt is just a drop in the oceanic  the total exposure of Nigeriian bank is around 900bn
Dont be okay that they have started giving clues look to where we are going  900BN -the three thiers of govenment shared liek 400b last month !for u to knw the reality of ground.

osamaobama:

ITS SO UNFORTUNATE BECOS STAFF ARE SACKED FOR SILLY REASONS LIKE:
-NON REDITIONS OF WEEKLY REPORTS-
-RECOMMENDATION FOR TRANSER TO OTHER BRANCHES
-SENDING OF TO STAFFS IN BULK
-[size=18pt]FORWARDING OF MAILS FROM THE OFFICE TO OTHE MAILS EG YAHOO, HOOTMAIL[/size]
-BROWSING DURING OFFICE HOURS.

can you tell me why you think it is cool for emplyees to forward banks docs into yahoo or hotmail accounts?
why cant weekly reportd be done?

hope they sack you too for gross insurbodinaton

nwakaibe:

. I am shocked at the O/P. There is no iota of truth in his allegations. The bank made provisions in the 15 months ended December 31, 2008 as required by the CBN. Not only Oceanic Bank , but all the banks are making provisions. The O/P made wild allegations possibly to settle scores. According to the bank's audited results,Oceanic Bank grossed N188.22 billion. The gross earnings rose by 151 percent over N113.28 billion earned at the previous year.( Source; Thisday July 21,page 54 2009).Profit before tax was N53.21 billion. Provisions were made for N42 billion.
Let it be known that provisions are not losses . They are recoverable and when recovered becomes part of profit.
Go thru today's dailies and see provisions made by banks. People should not display their apparent ignorance of financial statement interpretation and analysis for the public to read.
You may be a banker but yet to understand the fine details of financial statement interpretation.Come out with facts and figures of banks not making provisions and I will go the extra mile of posting detailed analysis of various banks and their provisions. The ball is in your court.

nwakaibe:

. I am shocked at the O/P. There is no iota of truth in his allegations. The bank made provisions in the 15 months ended December 31, 2008 as required by the CBN. Not only Oceanic Bank , but all the banks are making provisions. The O/P made wild allegations possibly to settle scores. According to the bank's audited results,Oceanic Bank grossed N188.22 billion. The gross earnings rose by 151 percent over N113.28 billion earned at the previous year.( Source; Thisday July 21,page 54 2009).Profit before tax was N53.21 billion. Provisions were made for N42 billion.
Let it be known that provisions are not losses . They are recoverable and when recovered becomes part of profit.
Go thru today's dailies and see provisions made by banks. People should not display their apparent ignorance of financial statement interpretation and analysis for the public to read.
You may be a banker but yet to understand the fine details of financial statement interpretation.Come out with facts and figures of banks not making provisions and I will go the extra mile of posting detailed analysis of various banks and their provisions. The ball is in your court.

 which financial details of which country bank you dey talk?  nigerian companies cook figures like nothing else

Sorry if you are one of those affected but however,is not ethical for you to place such an info about the bank.Afterall you are not the only one affected and oceanic bank is not the first bank to sack its staff and wont be the last.You are not professional at all about the way you are going about the whole thing regardless of your intension.I have always see the banking sector so fragile to withstand any economic crunch.What a pity!

The poster may have not gone about this thread professional but if
(a) An account holder reduces his exposures after reading dis thread,
(b) A potential employee who is in a fix btw the bank offer and another coy
eventually makes an informed decision based on dis,
(c) On a flip side, a debtor borrows more from d bank,realising that going corncern is in doubt.
goes abroad (like they have always done) with the loan to cool off.Then u ll agree with me t
he poster would have done the world a great deal of favor.

Sometimes i wonder if naija bank fin statements are not cooked in Oluwole.
The facts re always not in tardem with the realities on ground.

babalawo:

@ nwakaibe

U digress fromn the crux of the matter. which is that Oceanic is mass -displaying staffs based on the very tight situation that the banks find itself.
leave the financials allone okay if u are notor were not an insider YOU will possibly be  basing ur  analysis on what is available in the public.Were Cabury's book  not tantalizing to any investor b4 the cat was let out  of the bag
Boi dont be a gullible,the truth is that this provisions for bad debt is just a drop in the oceanic  the total exposure of Nigeriian bank is around 900bn
Dont be okay that they have started giving clues look to where we are going  900BN -the three thiers of govenment shared liek 400b last month !for u to knw the reality of ground.  

which crux of the matter?Banks are exposed and CBN required them to make provisions out of profit. You need to take a little course in accounting to understand what happened in Cadbury. Did Cadbury inflate figures or added stock in progress?
The CBN has severally disclosed the total exposure of Nigerian banks and their toxic assets. One thing is to sit down and type away on a key board, another is taking pains to find out the true position. Do a little homework on toxic assets of Nigerian banks and come back for a real discussion. I  headed the Finance Desk of a major newspaper for many years and is privy to a lot of info you may not have.
As for Oceanic Bank and others, workers are assessed at regular intervals and those found wanting are relieved of their jobs. This is a regular process in all companies.
For now, no Nigerian bank is in crisis. Some may cut down on staff to reduce overhead but it is not so with Oceanic Bank.
@OP, are you recently sacked by Oceanic Bank ? . Also, Did you register an ID to fight the bank? Count me out. Go back and settle your scores.

@ All,
It  doesnt take much to realise that this osamaobama is either ;a, A disgruntled staff, b),an employee of a rival bank or c) a Rabble rouser.
In 2006 or 2007,there were rumours that Oceanic bank was going under.Well,it never did and even that same year,the bank was voted 'Bank of the year' by Financial Times of London. .My question is what evidence does this osama fellow have to buttress the allegations above?
If you can provide evidence,i will join you in shouting from the rooftops that this bank is about to collapse.
One of the glaring lies in the initial post is that 'Oceanic bank is highest paying bank' .That is a popular falsehood in the banking Industry. I work for an auditing firm and i have access to 'Peer Review in the banking Industry'. This Osama fellow is quite a confusionist really,how many staff does Oceanic bank have in the first place,if we go by his claims that means the 1500 sacked are about one fifth of the total workforce or 1 in every 5 employee. Fellow Nairalanders,please how many Oceanic bank staff do you know and how many have been laid off so far?
Yeye dey smell.mxtchewwwwwwwwww

There is no need to hide anything, if it is true, the general public deserves to know the truth, it has nothing to do with professionalism, this is the problem in nigeria and this is why corruption strives, we like to cover things that needs to be in the public eye. All those banks that went into distress during the consolidation, if the CBN had made sure they all have an open policy, we would have known of their problems. this was why it was easy to manage the whole GM USA saga sensibly.

Honestly, I don't want to believe the criteria thing of outside mails and browsing during office hours but I know Nigerian employers can be very cruel, they fire without substantive reasons, severance pay or notice, afterall nobody will call them to order, govt is in disarray.

Now NLC cant fight for these people because private employers used a very smart tactic of paying and taking care of their employees so they don't join unions, now they've shown the devil in them, old-school unions have their benefits sometimes.

Is the O/Ps id osama bin laden or Osarewuwe.
You sound funny and think we to believe. Well my little change dey rest for Union Bank sha. On a serious note, Oceanic Bank is okay despite the provisioning. Provisioning is putting aside something to cover either losses or non performing assets. It does not respresent outright loss. And if the bank survives beyond December 2009, may Osa whatever it is have the courage to come back and recant

Mr poster U are a big shame. To start with, how many organisations are to feeling the bite of the Global melt down. Multinationals like Zain, Cadbury, Guiness have all down-sized in the past 2 months

Now, no one was sacked in oceanic bank for sending emails, instead offenders were debited after series of warnings in that respect. Yea in oceanic today, management has reduced tolerance for misconducts  which most employees in the industry will tell you that in the past  8yrs, Oceanic has been the most benovelent bank in terms of  giving offenders a second chance. This is exactly what led to a mass influx of other banks staff into oceanic bank within the past three years as the bank emerged as the most employee friendly bank in the industry.

with the influx of people, understandably, the level of indiscipline , also rose as most staff started taking management for granted. Oceanic  remains one of the few banks in the industry where as a marketing staff u dont need hypertensive  medication to stay on your Job, but some of these new entrants came in to exploit the situation, making frivolous pledges of the deposits they can mobilize in other to get mindblowing bargains. You normally need 6 months to get your confirmation your perfomance is judged to be satisfactory, but most of the people sacked have had extra one year of grace and yet cannot account for up to 5% of their pre-confirmation financial targets agreed with the bank before employment, and which formed the basis for the grades they got on there way in. They intended to come and reap without sowing.

Most of them were never do wells who were under pressure to perform in their previous banks, and ran for shelter in Oceanic bank to experience the proverbial peace. The rest are people who were involved in fraud or serious misconducts, theere were cases of people who were transfered to other units and branches, and they refused to resume at their new posts claiming they didn't like where they were posted.

Pls this is a recession, and the least any organisation can do is to shed off all negative baggages, like the poster who I believe must have been relieved of his duties for one  of the reasons above.

In terms of performance, in spite of the provisioning , Oceanic still decalred a profit of 9billion+ after tax, first bank declared 12billion+ after tax, and this results were impressive. Oceanic made a profit of 53 billion plus, and the fact remains that having made this provisioning, any of the loans recovered will automatically recognised as profit, and given the fact that most of the loans are for the oil and gas industries, they will be recovered. For the informed, it is clear that the financial report of Oceanic bank, marks it out as a resilient organisation and reinforces its postion as one of Nigeria's leading banks.

Mr Poster move on with your life and stop creating crisis for a Bank that employs thousands, of responsible working class people in Nigeria, make sure you are a better employee in your next job. You are a big shame.

Good post, I thought Nigeria was immune to the reccession thingy. This is just a warning of the harsh reality of the GLOBAL economic crisis. in other words, be more prudent in your spending.
I remember watching on the News when savannah went down, a woman was interviewed and she wept bitterly cos she deposited 3million naira the previous day and none of the bank staff told her or even winked at her to take caution.I don't pray to be in that woman's shoe.
I was also in canary wharf, london to visit a friend who works at citigroup. it was that same day that Lehman Brothers Holdings Inc. filed for bankruptcy and it was really sad seeing staff packing out in broad daylight with nothing but boxes of personal office belongings. who would have ever imagined a global financial-services firm like that would go under. This is just a warning and I don't think the poster has any bad feelings or something like that. it's just a forewarning from someone with a good heart.

but 1500 is too much
abeg fear dey catch me o

saxywale:

Good post, I thought Nigeria was immune to the reccession thingy. This is just a warning of the harsh reality of the GLOBAL economic crisis. in other words, be more prudent in your spending.
I remember watching on the News when savannah went down, a woman was interviewed and she wept bitterly cos she deposited 3million naira the previous day and none of the bank staff told her or even winked at her to take caution.I don't pray to be in that woman's shoe.
I was also in canary wharf, london to visit a friend who works at citigroup. it was that same day that Lehman Brothers Holdings Inc. filed for bankruptcy and it was really sad seeing staff packing out in broad daylight with nothing but boxes of personal office belongings. who would have ever imagined a global financial-services firm like that would go under. This is just a warning and I don't think the poster has any bad feelings or something like that. it's just a forewarning from someone with a good heart.

So shine your eyes properly abi? . Our banks for 9ja dey well and no need to fear. There are several steps taken by the CBN to safe guard depositors' funds. The same rumour has been spread about several 9ja banks but they are still standing.I not ready to recite the litany now.

@ sabak.

Na wa for you Oooo, you just they yab the poster anyhow

e be like say u relate with Ibru family.

caniva:

@ sabak.

Na wa for you Oooo, you just they yab the poster anyhow

e be like say u relate with Ibru family.

I was going to same the same thing too, e be like say the guy dey work for oceanic, careful o before they debit your account for opening NL website during office hours.

So shine your eyes properly abi?       . Our banks for 9ja dey well and no need to fear. There are several steps taken by the CBN to safe guard depositors' funds. The same rumour has been spread about several 9ja banks but they are still standing.I not ready to recite the litany now.


well, i don't have any account in a the new generation banks so it's not my business whether they go into distress or not,

As for me, it's first bank, even if first bank goes down, I wll be satisfied that I made the best choice

@ukotmi

well, I don't have accounts in any of the new generation bank so it's not my business whether they go into distress or they become bankrupt,

t's the old generation banks that I bank with, even if the old one goes down, I wll be satisfied that I made the best choice,

@rebarobyn

thnk you my brother,
make God assist us for we 9ja.

all these policy na for the top executive benefit.

therefoe, THE POOR CANNOT SLEEP COS THEY ARE HUNGRY AND THE RICH CANNOT SLEEP COS THE POOR ARE AWAKE

I LOVE OCEANIC BANK

SABAK has said it all, there is nothing to say.

Thank u SABAK for that true and insightful contribution

Is this true?? @Sabak- But why would u employ 'ne'er do wells' in the 1st place if you weren't looking for cheap deposits yourselves? Shot yourselves in the foot it seems.