debosky:

Is sacking someone the same as sacking 1,200 people? Comprehension is lacking. 

If you have nothing to say,why not shut up!!!, Ocean banks sacks almost everyday, are you saying that does not sum up to 1200 or even more, u better find something important to do, rubbish guy!!

Wrex:

If you have nothing to say,why not shut up!!!, Ocean banks sacks almost everyday, are you saying that does not sum up to 1200 or even more, u better find something important to do, rubbish guy!!

Kindly sum up the figure and tell us how many are 'sacked almost everyday'. With a member of staff like you with a limited ability to comprehend facts, I am not surprised by the dilemma of the bank overall.

debosky:

Kindly sum up the figure and tell us how many are 'sacked almost everyday'. With a member of staff like you with a limited ability to comprehend facts, I am not surprised by the dilemma of the bank overall.

You wouldn't have been blabbing balderdash if you or a member of your family was affected, that is why you still have the mouth to yarn nonsense

I dont know why these so called bankers have a sense of entitlement. they wrecked the economy, crashed the stock markets. If they are really smart and risk takers, let them go start their own businesses. I have families, friends,and clients who have lost money because of their recklessness. It was easier to take risk with people's money. They still want to retain their jobs while their customers/depositors have stagnant sales with huge inventories. Only in Nigeria. This recession has also hit me so hard, maybe I should picket against myself or banks for plunging us into this mess.

I know a lot of people will not agree with me on this , what do bankers really do to deserve the amount of money they get paid by this banks. These are private coompanies who should restructure to survive rather than folding up. Sanusi is not the problem. My Cousin who knows not Much about IT was employed by Oceanic from Vmobile to be a team leader in the IT department and her salary was 6Million Naira. I have always question all this amount

tjadeba:

You wouldn't have been blabbing balderdash if you or a member of your family was affected, that is why you still have the mouth to yarn nonsense

We are discussing facts here so please don't get distracted. Can you show any evidence that Oceanic indeed sacked another 1,200 people? If not, please keep your rantings to yourself.

That One na there problem. I have withdrawn all my money in Oceanic bank before any crash happens. We should be carefull about banks this period

debosky:

[size=15pt]Oceanic REFUTES reports of fresh staff disengagement:[/size]

OCEANIC Bank International Plc has effected an across-the-board salary cut of between 15 and 35 per cent, to further trim its operational costs.

This disclosure was made in a release from the bank's management, wherein it refuted recent media reports (not in The Guardian) of a fresh layoff exercise in the financial institution.

A section of the media had reported yesterday that the bank laid off between 950 and 1250 workers, weeks after the initial 1500 workers sacked in December, 2009.

The management of the bank has described the reports as "unfounded and a premeditated attempt by people out to derail the consistent progress being recorded by the bank."

The bank's Group Managing Director and Chief Executive Officer, John Aboh, explained yesterday that rather than embarking on further layoffs, members of the senior staff had agreed with the management to cut on their respective salaries to save costs in a proactive manner.

Consequently, he added that the bank's management had already implemented an across-the-board salary cut that will further streamline its cost profile and enhance its drive for operational efficiency.

"This strategy was adopted following a meeting in which the bank's executive and senior management unanimously agreed to this unprecedented sacrifice in order to hasten the recovery pace of the bank," the bank's boss said, explaining the details of the salary cut include 15 to 20 per cent for senior management and 22.5 to 35 per cent for executive directors and the managing director and chief executive officer.

Aboh said the development was a clear demonstration of the commitment of the workforce to the robust recovery plan unveiled by management, stressing that the management places high premium on operational efficiency as a vehicle for building the bank's capacity for sustainable and consistent profitability.

"For us as employees, it is a necessary sacrifice we have made to ensure a better future for our bank and its numerous customers and shareholders. We have critically examined the cost of running the bank against our sustainable revenue base and we realised that the cost is over bloated. The zeal to return the bank to winning ways is a shared vision by all the staff and this has been the driving force for the management," he said.

http://www.ngrguardiannews.com/business/article01//indexn2_html?pdate=070110&ptitle=Oceanic%20Bank%20implements%20across-board%20salary%20cuts

um. . .remember say na guardian the ibrus' paper. . .

personally, i won't put anything beyond any nigeran organization

@ oyb

It's been reported by other news outlets too. If the CEO comes out and denies something, his word should be given credence.

I thought technology was suppose to reduce cost on the long run. Nigerian banks don't seems to b thinking in that line rather they are busy wasting shareholders and depositors fund building branches that are not necessary. I'm not surprise this is happening the banking industry Cos the banks were too extravagant for economy like Nigeria that needs to be rescue.

Despite all the money CBN pumped into these banks, they are still bankrupt. Where are all those money going to? Only God will help us.

could this be Global Economic debacle part2 or 3 in Nigeria

it was a bomb dat was meant to explode, for how long cud these banks have operated like tis. Its so unfortunate its happening now. God dey sha, sorry bros and chicks dat wer affected. I no its not easy. God will surely provide

smallboy2:

That One na there problem. I have withdrawn all my money in Oceanic bank before any crash happens. We should be carefull about banks this period

What happen to Koolo?

debosky:

Kindly sum up the figure and tell us how many are 'sacked almost everyday'. With a member of staff like you with a limited ability to comprehend facts, I am not surprised by the dilemma of the bank overall. 

Sum up the figure yourself, QUICK ADVICE!!You can go to all the oceanic bank branches and count the number of workers sacked ,MR LACK OF COMPREHENSION since you are are jobless, your post shows you only use one percent of your brain

debosky:

@ oyb

It's been reported by other news outlets too. If the CEO comes out and denies something, his word should be given credence.

So we should believe the CEO?, must you respond?you always end up saying rubbish, no wonder you called 'overhaul' OVERALL,

tjadeba:

You wouldn't have been blabbing balderdash if you or a member of your family was affected, that is why you still have the mouth to yarn nonsense

no mind the guy, he is always saying rubbish

My take:

1. yeswecan you are not a bigot but you are definitely myopic and lack deep understanding.

2. Anyone who runs his own business will definitely understand what is happening in the banks concerning cost structure.

3. Many dream of owning his own business but I can begin to see that some people on NL will not do well owning a business if cant not appreciative the reality that compels banks to decide laying off workers though painful is the best to sustain their business.

4. Business decisions are not for the half witted or the sentimental but for those who have the minds to do what ever it takes to keep business in business.

5. Is the bank the only sector or industry where workers layoff have been resorted to in order to stave off business collapse. It happens regularly in the real sector (i.e. the manufacturing industry, better go check facts and figures from MAN).

6. Small businesses (i.e. the SMES), over the years have been going through crises of this nature with some outrightly collapsing and sending their workers into the labour market.

7. Why do you think the warehouses of the glorious productive past have gradually and continuously become praise assemblies for churches. the other time, a factory closing down in Akilo area of Ogba, requested Latter rain Assembly of Pastor Tunde Bakare to acquire or purchase their warehouse.

8. Do you want to witness a situation when bank halls would end up as praise assemblies just like our cinema halls of the beautiful past like Pen Cinema in Agege and Casino Cinema in Adekunle, Yaba or Paramount Cinema in Ijebu-Ode.

9. is so special about banks sacking workers that would make heaven to fall. If workers from other sectors whose jobs were cut off found a way around the job loss and survive, the ex bank workers should wake up to their painful reality and survive.

Some people should learn to be reflective and proactive in life, that is the essence of SWOT Analysis. Always apply this to your official and private life.

EPOMA:

I know a lot of people will not agree with me on this , what do bankers really do to deserve the amount of money they get paid by this banks. These are private coompanies who should restructure to survive rather than folding up. Sanusi is not the problem. My Cousin who knows not Much about IT was employed by Oceanic from Vmobile to be a team leader in the IT department and her salary was 6Million Naira. I have always question all this amount

You are quite right, while i dont object to the fact that professionals who work for these banks deserve very good remuneration, I still can comprehend the rationale behind some the salaries that many of them are earning,

what a shame!

GNBohr:

My take:

1. yeswecan you are not a bigot but you are definitely myopic and lack deep understanding.

2. Anyone who runs his own business will definitely understand what is happening in the banks concerning cost structure.

3. Many dream of owning his own business but I can begin to see that some people on NL will not do well owning a business if cant not appreciative   the reality that compels banks to decide laying off workers though painful is the best to sustain their business.

4. Business decisions are not for the half witted or the sentimental but for those who have the minds to do what ever it takes to keep business in business.

5. Is the bank the only sector or industry where workers layoff have been resorted to in order to stave off business collapse. It happens regularly in the real sector (i.e. the manufacturing industry, better go check facts and figures from MAN).

6. Small businesses (i.e. the SMES), over the years have been going through crises of this nature with some outrightly collapsing and sending their workers into the labour market.

7. Why do you think the warehouses of the glorious productive past have gradually and continuously become praise assemblies for churches. the other time, a factory closing down in Akilo area of Ogba, requested Latter rain Assembly of Pastor Tunde Bakare to acquire or purchase their warehouse.

8. Do you want to witness a situation when bank halls would end up as praise assemblies just like our cinema halls of the beautiful past like Pen Cinema in Agege and Casino Cinema in Adekunle, Yaba or Paramount Cinema in Ijebu-Ode.

9. is so special about banks sacking workers that would make heaven to fall. If workers from other sectors whose jobs were cut off found a way around the job loss and survive, the ex bank workers should wake up to their painful reality and survive.

Some people should learn to be reflective and proactive in life, that is the essence of SWOT Analysis. Always apply this to your official and private life.

Could Mallam Sanusi have saved jobs if he had been more careful,thorough and followed due process?

Dude you are talking about profit making-organisation, maybe you should read my comment again cus am concerned with CBN's decision that affected the banks NOT banks taking crucial decisions AND maybe you should preach your SWOT Analysis to Sanusi cus the last time i checked it involved evaluation of strengths, weaknesses, opportunitiesor[i] threats[/i] i think he missed it .Why is he obsess with claiming right?

Even on business grounds ''your take'' is a bit extreme AND remember CBN's relationship with the banks shouldn't be on business/formal grounds. It should rather be for the interest of the economy. I believe CBN should channel its effort to building the financial sector not destroying it . . . making the system work, not pointing out the mistakes without a back up plan.   He should make policies to create more jobs not the other way round  . . . . You see, the economic crises was caused in wall street but they are needed to propel economy to add to their mistake they were bailed out.

We only experienced our version of the financial crisis.

Many more staff will have to go, OCEANIC workforce of 19000 is too much.

The only solution to this mass sack is for each person to dig deep and think of what we can do for ourselves in terms of becoming an entrepreneur.

Okay, I think I need to share a bit of my understanding on NL.

1) I read through the entire thread and worry that quite a number of us have not realized the failures of 'naked capitalism'. America is grappling with it's self made financial innovation today, Have you also wondered why countries you least expect such as China in the developing world and France and Germany in the developed world have turned the page and stopped the recession at least, Now, those are countries with varied forms of capitalism wrapped around socialist tendencies,

Read between the lines friends,

2) On the Nigerian banking debacle, This was a disaster waiting to happen, I know of one Nigerian bank that loudly touted its access to a number of foreign lines of credit, It turned out that the stupid bank did not hedge the drawn down credit against foreign exchange fluctuations. When the foreign banks came back for their money, the Nigerian bank had to pay x2 the amount it drew down because Naira had crashed at the time, October '08 to February '09, due to falling oil prices and oil export,


Just my thoughts, For fresh graduates or those still in school, I urge u to consider a career in Consulting rather than banking for a start, If you must do banking, u better target a specialized arm of banking such as M&A, Investment Banking , Specialized Finance et al,

It's been reported by other news outlets too. If the CEO comes out and denies something, his word should be given credence.
So we should believe the CEO?, must you respond?you always end up saying rubbish, no wonder you called 'overhaul' OVERALL,
Posted on: Yesterday at 12:36:48 PM Posted by: Wrex

You amaze me as if you still believe what every Nigerian CEO says. A friend's wife works in a branch of Oceanic in Lagos and she said 7 staff members had to go. What was done to cover the absence was the fact that another branch was closed down and 7 staff members from the closed-down branch brought in. According to her, even the Head of Marketting had to go. This happened this week, the purge of December had already the branch strength from 32 to 15.

Wilife:

Okay, I think I need to share a bit of my understanding on NL.

1) I read through the entire thread and worry that quite a number of us have not realized the failures of 'unclothed capitalism'. America is grappling with it's self made financial innovation today, Have you also wondered why countries you least expect such as China in the developing world and France and Germany in the developed world have turned the page and stopped the recession at least, Now, those are countries with varied forms of capitalism wrapped around socialist tendencies,

Read between the lines friends,

2) On the Nigerian banking debacle, This was a disaster waiting to happen, I know of one Nigerian bank that loudly touted its access to a number of foreign lines of credit, It turned out that the silly bank did not hedge the drawn down credit against foreign exchange fluctuations. When the foreign banks came back for their money, the Nigerian bank had to pay x2 the amount it drew down because Naira had crashed at the time, October '08 to February '09, due to falling oil prices and oil export,


They were not silly. They just do not understand how to manage financial risk and the concept of effective hedging strategies. The banks grew faster than the CEOs expected and they just did not have the management quality to run the behemoth they were building. I must also say that greed played a large part but poor management quality was a significant factor. Even for big Nigerian corporations, there is simply a lack of financial management. The same scenario you mentioned is similar to Access bank/AP court case. You wonder who is heading the treasury department of AP that did not realize he/she had to hedge a multi million dollar financing in foreign currency but it happened. This is one of my fears with the expansion that was just based on competitor reactions (which is not a bad thing if you know what you are doing) without thorough analysis of how that fits into the bank's corporate and business strategies or business model.

Just my thoughts, For fresh graduates or those still in school, I urge u to consider a career in Consulting rather than banking for a start, If you must do banking, u better target a specialized arm of banking such as M&A, Investment Banking , Specialized Finance et al,

The problem is that consulting firms can only hire a few. Besides, banking business represents a significant income for the consulting companies. So, any contraction in that area affects the profits of consulting houses which makes it difficult for them to hire. The areas you suggested are all good but the problem is that the volume of business is so small that employment in that area is almost insignificant unless you are looking at it from future area of expansion. Take for example, M&A - how many companies in Nigeria acquire or merge with another in a year? how many Mergers & Acquisition deal are struck in a year? The number is negligible. The reasons for lack of activities in these areas are more of cultural issues.

Your suggestion is good but i doubt if it will work at our current level of economic development.

Banking sector is about the biggest employer of labour and more importantly, it is fundamental to economic growth. Hence, it is imperative we build a robust financial system. In my opinion, the greatest threat to the banks is poor management quality. These guys are clueless and they just make poor decision. Take for example, the PHB takeover of Spring bank. Where is the synergy in that transaction? Rather, it practically destroyed value. I think the banks should consider hiring a couple of academics with some corporate background and/or bring back many Nigerians working across the banks in Europe and UK, who had relevant experience to areas that are new to the banks. These new set of senior leaders will now mentor the junior managers to eventually takeover in future. We do not have lack of intelligent people in Nigeria, just that people do not have relevant experience in some of the areas of new business opportunities for the banks.

EPOMA:

I know a lot of people will not agree with me on this , what do bankers really do to deserve the amount of money they get paid by this banks. These are private coompanies who should restructure to survive rather than folding up. Sanusi is not the problem. My Cousin who knows not Much about IT was employed by Oceanic from Vmobile to be a team leader in the IT department and her salary was 6Million Naira. I have always question all this amount

Managers look for specific abilities and soft skills in particular positions. You cousin was probably hired to lead and motivate the team. She's being paid for leadership, team building, motivation and other soft skills. Companies (not just banks) pay premium for those because they are difficult to acquire or take time to acquire. It is not particularly relevant she has IT skills. All that the bank want from her is to produce and manage a high performing team. If you take one of the soft skills, for example leadership - You may already know that leadership is either innate or experiential. This means you are either born with it or you accumulate it. Most times, technical skills are more easily gained and it is more difficult to identify and hire leaders, so companies pay premium. There is nothing wrong in your cousin being paid higher amount as long as she has the qualities of leadership. IT skill is only a plus at the position and not a necessity. This is not an Oceanic thing or banks thing, it is a practice embraced worldwide as companies started shifting to more implementation of Organizational Development and Behaviour theories and practices.

Please note that i am only trying to explain why your cousin earns that much without much expertise in IT. If you are referring to cost structures of the banks, that's another issue altogether but i'l be glad to talk about that if you have specific issues with it.

I recall a certain member of this forum who never had anything good to say about these banks and always opened threads to warn people that Nigerian banks were in a mess and that they were only deceiving people.

I remember people saying he was envious of the banks and bank workers. (I cant recall his username).

Now it appears he was right all the while.

soloqy:

I recall a certain member of this forum who never had anything good to say about these banks and always opened threads to warn people that Nigerian banks were in a mess and that they were only deceiving people.

I remember people saying he was envious of the banks and bank workers. (I cant recall his username).

Now it appears he was right all the while.

I've been saying it since 2007, and people called me names. But the whole world can now see what i had seen since 2007. The worst is not over yet, wait and see.