There is a confirmed report that i just got that UBA is downsizing. The staff affected were asked to report at HR to sign their letters of resignation.

U are indeed very correct. Its indeed very un4tunate to those affected especially at this point in the country where everything is upside down. How and where will they secure another job. God will definitely intervane. I wish them good luck

were the staff responsible for their hidden charges? If they are, good for the bank and if they not, then the bank may further worsen their situation

And the moving train continues

I never liked anything about UBA from the onset. . . . . Everything about 'em is just so detestable

well, d company has got to survive & if senior mgt feel thats d best way, then its a bullet some people will bite

I hv been thru reundancy, it felt bad but theres always light at d end of d tunnel

na wa O. What about fresh graduates ?? ? ?

NA WA O, at this rate all the banks will ultimate downsize

I wonder what CBN is doing about all this bullsshit, esp hidden charges and all that

The rate at which banks are down sizing is alarming. From Zenith to Intercontinental and now UBA.

The funny thing is that the tell you to go HR and sign a resignation letter, when they are actually sacking you. They content of the letter most times reflects that you are resigning on your own because they want to avoid any form of litigation. They make it sound that you are the one resigning.

Another major issue is that most of these banker would realyy find it hard to cope outside the banking system. First, Banks are not recruiting now since the Sanisi interventionist measures. Two the nature of their job isolates them so much from the society such that even when they have money to do business they may not be able to cope with the harsh business climate in Nigeria.

However, Life is a continium, for those that would sign the HR letter, I wish them the best.

What about the graduates seeking for job?

Graduates seeking for jobs would have to try other sectors for now

Intercontinental Bank Sacks 1,500 Workers
By Muyiwa Adeyemi

BARELY a week to the Christmas, Intercontinental Bank Plc yesterday gave unusual gifts to 1,500 members of its staff: "Letter of disengagement from the bank.

The sack letters were served to the affected staff around 3 p.m. yesterday, changing the atmosphere in the financial institution's banking hall throughout the country to that of shock and disbelief. Those affected were from the position of manager to executive banker level.

The bank is said to have about 5,000 work force nationwide.

The Guardian's investigation revealed that in its over 300 branches nationwide, five workers from each branch had their appointment terminated.

They were to be paid three months basic salary irrespective of number of years they have served the bank.

The sack, which came just two days after their salaries were paid has been hanging in the air for about three months when the new management of the bank had alleged leakage of sensitive information about a transaction by the new Managing Director of the bank Mr. Lai Mahmud Alabi alleged to have granted a waiver of N31billion to some influential Nigerians, the amount higher than the capital base of the bank by its 2005 consolidation.

The bank had also about two weeks ago laid off senior officers from the positions of General Manager (GM), Assistant General Manager (AGM) and Deputy General Manager (DGM) up to senior managers.

Investigation further revealed that the new management decided not to paste names of affected staff on the bank board to conceal the total number of people that were laid off but rather decided to dispatch names to each branch as it affected them.

Also, their salaries had about three months ago been cut down by 30 per cent.

A competent source last night told The Guardian that the new management has requested from each branch manager to submit the name of at least five members of staff in their respective departments for the sack. Three managers were said to have declined to sacrifice any of their junior ones but two of them did not survive the onslaught.

It was also learnt that some managers who complied were not spared in the exercise.

One of the aggrieved staff who spoke to The Guardian on condition of anonymity confirmed that he received his letter at about 3 p.m.

He said that they were just disengaged from the bank even as they did not give them any particular reason. Another affected worker who was contacted on phone last night was still in a state of shock as he betrayed his emotions while confirming to The Guardian that he was affected by the exercise. The employee who worked at the headquarters of the bank alleged that the exercise was targeted at some staff suspected to have any link with the former MD of the bank Erastus Akingbola.

The sacking of 1,500 employees of the Intercontinental Bank came just two days ago when the United Bank for Africa (UBA) also sacked about 2,000 of its workforce.

Before now, there has been speculation that the Central Bank of Nigeria (CBN) has directed banks in the country to reduce their work force or cut down on staff salaries.


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Source: The Guardian Newspaper.

We should also expect more sackings from these banks.  So all bankers should get ready

kawkab:

We should also expect more sackings from these banks. So all bankers should get ready

it's a sad time for the bankers indeed. what are they suppose to do now to support their families?

pls i advice people here to go and get a skilled Job learn it and keep the talent aside when things like this happens you can still have something to hold on

The management of any organization must have considered a lot of factors before laying of staff. If
they do, it ill be in the best interest of the organization and good luck to those affected.

lets do a math , 1 millon people there is no job. companies are closing up and moving out maybe 500,000 people total 1.5 mil people, people are beeen deported lets say 10,000 , total 1.6 mil people. now some banks are off loading workers like loans without collateral add that to the already unemployment market
soon people will graduate how will they survive in that frustrating condition, lest i forget what is the govt doing, like usual nothing
we are suffering what we never did , a group of greedy cabals creat a problem in the bank, who will suffer it, the workers ofcourse.
it shall not be well with the people who put a poor man down always, no matter what ur greedy pastor tell u

Mr.Sanusi is indeed doing a good job.i am just being sarcastic.
who says they are not afraid of how your children go to school,graduate and get a well paid job.
Certainly,they feel threatened.
Southerners open your eyes.

Na Waooooooh, The rate of poverty is getting increase and worse in Nigerian every-day by day. Poor people are praying to be rich, while the middle rich are falling. CBN should  find some good solutn 2 dis problem or else, Nigerian will turn 2 another tin.

mikelagos:

Working in Banking sucks at the moment with all the layoffs going on.

It has always been a suck. That is why it is good to be the bank and not the banker

akinalabi:

The management of any organization must have considered a lot of factors before laying of staff. If
they do, it ill be in the best interest of the organization and good luck to those affected.

So you mean it become ethical to use and dump a worker anytime, as long as it is in the best interest of the organization? Am sure if you were among the workers losing their work, your comment wouldnt be same.

it's really a bad news 4 d families of those affected expecially in this season [color=#990000][/color]

They had 2 options; reduce salaries or reduce staff.

Why can't bankers form unions?
and whatever happened to labour laws in this country.

CarlosVent:

pls i advice people here to go and get a skilled Job learn it and keep the talent aside when things like this happens you can still have something to hold on

Lol

princekevo:

So you mean it become ethical to use and dump a worker anytime, as long as it is in the best interest of the organization? Am sure if you were among the workers losing their work, your comment wouldnt be same.

Dont be silly. . . This is not a case of use and dump
It is has become imperative to save the business and a larger workforce by restructuring the operations and trimming the workforce
It happens everywhere in the world. . . . .
All you have to do is to wish the people affected all the best. . . And whoever is due some severance package should get it on time, simple!

EPeeeeeeeeeee

fresh graduates are in for it

The unemployment will form a union one day against the government, destroy things and get amnesty with compensation

Layoffs.
It is a worldwide epidemic. It has happened to millions of people within the last 18months. (Including me.)
I was laid off 8 months ago. But now, I thank God because I got a better, higher paying job 3 months ago.
And I have achieved much more than I could ever have if I was not laid off.
It was a blessing in disguise.

My people have no fear. If you lose your job that doesnt mean you lost your life.
Life goes on. There are better days ahead.
One door closes many many doors will surely open.
Have faith in God.