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Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News - Career - Nairaland

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Ecobank Commences Mass Sack Of Oceanic Bank Staff / Mass Sacking Looms At Oceanic Bank / Oceanic Bank Sack Over 1500 Staffs In 30days (2) (3) (4)

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Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by selingel: 1:14am On Jan 06, 2010
Oceanic Bank sacks 1,200 more workers, slashes salaries by 30%
WEDNESDAY, 06 JANUARY 2010 00:00 KENNETH MOKWENYE

THE gale of retrenchment hovering on commercial banks has descended on Oceanic Bank Plc, which withdrew the meal tickets of some 1,200 employees yesterday, raising the figure of the those so far sacked by the bank’s management to 2,700.


A similar exercise carried out by the bank about three weeks ago sent 1,500 workers into the already saturated labour market.

It was in line with a reported directive from the Central Bank of Nigeria (CBN) that all the banks, especially the seven rescued ones, should trim their workforce as part of cost-cutting measures aimed at shoring-up their liquidity.

The development prompted the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) to direct its members to stop accepting disengagement letters from their employers without its authority.

The latest sack affected 500 workers employed under the subsidiaries of the bank, namely OSIL and VLA, while the remaining 450 were core employees of the bank, comprising bulk tellers, drivers and those in the e-business unit, as well as other departments.
It was gathered that the management of the bank with a workforce of over 7,000 was contemplating to reduce the strength by half, a decision that may result to the closure of about 30 per cent of the bank’s 420 branches nationwide.

Also, some of the departments have been slated for rationalisation.

For instance, the management was said to be considering the merger of the corporate affairs and brand communication departments into corporate communication.

Sources revealed that more than half of the sacked workers have received their disengagement letters, especially those at the headquarters and those in Lagos branches and environs.
The letters were dispatched through a popular courier firm.

Those affected by the purge were immediately denied access into the bank’s intra-mail services, as they have been disconnected from the electronic intra-mail services.
It was learnt that the 1,500 sacked earlier were yet to get their separation benefits as promised them in their letter of disengagement.

Some of the separated workers have been making inquiries on why their entitlements have not been lodged in their bank accounts.

Feelers from the management indicated that the delay in the payment of the severance benefits was not unconnected with plans to reduce the salaries of the retained workers by 30 per cent.
The salary reduction will take effect this month.

All attempts to obtain official comments on the development proved abortive, as virtually all the officials in the bank’s corporate affairs department have been sacked, leaving the organisation with no official spokesman.

The NUBIFIE President, Mr. Hassan Adeleke, told reporters in Lagos yesterday that the directive was necessary because of the mass sack of bank workers since August, last year.

Adeleke urged the affected banks to respect labour laws by recalling workers that were sacked without due process.

According to him, the banks must adhere to laid down guidelines and negotiate good severance packages before throwing the workers into the unemployment market.

He said that a major objective of the union in the New Year was improved relationship between workers and bank managements to ensure job security.

He said: “We believe in dialogue and collective agreement. Anything that is alien will be unacceptable because we will not support plans that will not be in the interest of workers.”

Adeleke spoke of a plan by the union to meet with the Central Bank of Nigeria (CBN) before the end of this month over the problems in the financial sector.

He said that the mass sack had been a source of worry to the union and that the union would continue to dialogue with banks over the exercise.

The NUBIFIE president advised the relevant authorities to involve stakeholders and follow due process in the merger and acquisition of the banks affected by the CBN reform.

He assured the workers that the association would strive to stop further violation of due process and ensure that their conditions of service were improved.


http://www.compassnews.net/Ng/index.php?option=com_content&view=article&id=37932:oceanic-bank-sacks-1200-more-workers-slashes-salaries-by-30&catid=43:news&Itemid=799
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by selingel: 1:16am On Jan 06, 2010
John Aboh.

Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by selingel: 1:18am On Jan 06, 2010
John Aboh.

Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by selingel: 1:19am On Jan 06, 2010
Fire and hire like Union Bank of Nigeria. Nigerian Banking sector is on fire!. Oceanic Bank too?
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by Oboma1(m): 1:32am On Jan 06, 2010
selingel:

Fire and hire like Union Bank of Nigeria. Nigerian Banking sector is on fire!. Oceanic Bank too?


If the banking sector that we believe for employment is beginning to do this, then, unemployment this year will sky-rocket. I pity fresh graduate.
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by naijatoday: 3:24am On Jan 06, 2010
When Cecilia Ibru and her family turned the bank to their private property, while will there not be a need to fire workers.

The salary of bank workers did not make sense in connection to the economy .

A lot of banks were adding branches that was unnecessary. Unfortunately all the banks are using this time to rightsize.

The smart people were the ones who saw what was happening in the bank sector during the banking boom, realized it did not make sense and did not take banking job.
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by naijatoday: 3:27am On Jan 06, 2010
Central Bank of Nigeria (CBN) yesterday justified the mass sack of bank workers, insisting that some of those banks were greatly overstaffed and are operating at a loss which could jeopardise their continued existence. It added, however, that the CBN would not intervene in the ongoing retrenchment.

Addressing newsmen at the end of the 212 Monetary Policy Committee ( MPC) meeting, the Governor of the CBN, Mallam Sanusi Lamido Sanusi, said that such banks as Oceanic Bank and Intercontinental Bank were spending about N4 billion a month on salaries alone.

He said that there were also non-performing loans earning money and the banks were paying huge interests on Inter-Bank lines, interests on depositors’ funds and they have costs running their branches.
[b]“Let me give you examples, Oceanic Bank has a staff strength of about 19, 000.

A substantial of that number were recruited for branches that have not been opened, contracts have been given, because the company that supplies staff to the bank was owned by the Managing Director of the bank. On what basis will you retain those staff? It is very sad that people are losing their jobs. It is very sad that people are out on the streets. Unfortunately, everywhere in the world where banks have taken huge losses, they have had to let workers go, everywhere in the world.

You see it everywhere, in America, in United Kingdom, in Europe, it is not unique to Nigeria. It is not a thing that should be politicised; it is a very sad development,” Sanusi said.
He said that before those banks took those steps themselves, they consulted with their unions and got their signatures and signed as appropriately.

“I do not think it is the place of the regulator or the government to tell the private sector banker how many staff it requires. A bank like Oceanic Bank was spending about N4 billion a month on salaries; Intercontinental Bank was spending over N4 billion a month on salaries. There are non-performing loans earning money, the banks are paying huge interests on Inter-Bank Lines, paying interests on depositors’ funds and they have costs of running their branches. They have to survive.
[/b]
Let me make a clarification, the money we put into those banks was not money given to banks. This money was given to you depositors because the banks didn’t have the money to pay back. It is money to make sure that when you go to your bank, your bank has not run out of cash. So I have heard this saying that government has given the banks money so that they should retain the workers.

“We didn’t give the banks money; we gave you the money, to make sure that you didn’t lose your money. If a bank is making losses and it continues running the overheads, it is taking depositors’ fund to fund its operations, and further eroding your money and placing it at greater risk. For this reason, we have put in competent managers in some of the banks. The banks have looked at their numbers, they have decided that they are over-staffed,” the CBN boss said.

Sanusi also disclosed that the Central Bank of Nigeria(CBN) had extended the guarantee on all interbank transactions up till December 31, 2010 but warned that it would terminate the guarantee on case-by-case basis as part of the ongoing reform process.


http://www.sunnewsonline.com/webpages/news/national/2010/jan/06/national-06-01-2010-09.htm
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by netpro(m): 7:08am On Jan 06, 2010
@ naijatoday
Why wouldn't CBN justify it - its what they have always wanted. I encourage to think and work towards being self-employed.
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by Oboma1(m): 11:13am On Jan 06, 2010
netpro:

@ naijatoday
Why wouldn't CBN justify it - its what they have always wanted. I encourage to think and work towards being self-employed.



In fact, in this country, I think self-employment is the best, if there is constant power supply, good roads, security, and if Fashola is not there with his double-taxation grin grin grin.
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by Enjoyment1(f): 7:16pm On Jan 06, 2010
netpro:

@ naijatoday
Why wouldn't CBN justify it - its what they have always wanted. I encourage to think and work towards being self-employed.


Self-employment can only work, if so many things are put in place.
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by netpro(m): 9:09pm On Jan 06, 2010
Enjoyment1:


Self-employment can only work, if so many things are put in place.

But when nothing is in place: no power, credit facilities, raw materials, security, etc. I will still encourage you go self employment because those working are loosing their. Imagine where people are begging for their salary to be slashed!
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by yeswecan(m): 1:07am On Jan 07, 2010
Sanusi. . . . . lol lets keep watching
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by paddylo1(m): 1:10am On Jan 07, 2010
well what can u really do. . .

a company or firm has to make profit first before it can pay out salaries in most cases

secondly a public company is first accountable to shareholders before anybody else. . .

but i see this as temporary. . .the banks will be back to profitability as early as this qtr
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by yeswecan(m): 3:15am On Jan 07, 2010
There is no such thing as Freemarket . . . the word "capitalism" is doing us no good and no economy on planet earth can say  they are total Capitalist. Even the almighty USA; Capitalist advocates [/i]are top of the list in economies providing aids to private firms . . .  why was one was sacked in wall street after all Obama's rant . ,  Bankers still got the bonus after what they did, the game need to be played to keep the economy going --- you don't come acting all strict in the name of clean up duty.----

Sanusi has crippled our economy, i said it last year, what we needed before he came was a bailout for the stock market-- he came and did the opposite, he actually announced that Nigeria banks were sick and the stock market loosed more than 500 billion in 6 days, then he printed 400 billion into the economy-----[i]200 billion missing
and the printed sum caused inflation because there was no dollar backup . That is the summary of how Sanusi crippled the economy . . . . . obviously banking was the highest private employers of labour in Nigeria.

In reality no sector can be left alone without a little aid from the government ---- this is how it is everywhere, the Nigeria bank will keep dropping staffs because they are not just left alone BUT with a big watch eye that reads "behave or get screwed" they are scared of taking risk

I am not surprised that Sanusi cannot connect the dots . . . . .  HE is an extremist and they live in a different planet
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by paddylo1(m): 3:45am On Jan 07, 2010
There is no such thing as Freemarket . . . the word "capitalism" is doing us no good and no economy on planet earth can say they are total Capitalist. Even the almighty USA; Capitalist advocates are top of the list in economies providing aids to private firms . . . why was one was sacked in wall street after all Obama's rant . , Bankers still got the bonus after what they did, the game need to be played to keep the economy going --- you don't come acting all strict in the name of clean up duty.----

Sanusi has crippled our economy, i said it last year, what we needed before he came was a bailout for the stock market-- he came and did the opposite, he actually announced that Nigeria banks were sick and the stock market loosed more than 500 billion in 6 days, then he printed 400 billion into the economy-----200 billion missing and the printed sum caused inflation because there was no dollar backup . That is the summary of how Sanusi crippled the economy . . . . . obviously banking was the highest private employers of labour in Nigeria.

In reality no sector can be left alone without a little aid from the government ---- this is how it is everywhere, the Nigeria bank will keep dropping staffs because they are not just left alone BUT with a big watch eye that reads "behave or get screwed" they are scared of taking risk

I am not surprised that Sanusi cannot connect the dots . . . . . HE is an extremist and they live in a different planet

u are not making much sense. . .u need to calm down
think before u speak
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by paddylo1(m): 3:55am On Jan 07, 2010
There is no such thing as Freemarket . . . the word "capitalism" is doing us no good

capitalism is the only way for the nigerian economy to grow double digits. . .the reason we lag behind india or brazil is that we started our reforms only in 2002
while they have been doing reforms since the late 1990s

and no economy on planet earth can say they are total Capitalist. Even the almighty USA; Capitalist advocates are top of the list in economies providing aids to private firms . . . why was one was sacked in wall street after all Obama's rant . , Bankers still got the bonus after what they did, the game need to be played to keep the economy going --- you don't come acting all strict in the name of clean up duty.----
well sanusi provided aid to the banks to the tune of $4billion. . .is your grouse that he sacked fraudulent bankers like akingbola or what?

Sanusi has crippled our economy, i said it last year, what we needed before he came was a bailout for the stock market-- he came and did the opposite, he actually announced that Nigeria banks were sick and the stock market loosed more than 500 billion in 6 days, then he printed 400 billion into the economy-----200 billion missing and the printed sum caused inflation because there was no dollar backup . That is the summary of how Sanusi crippled the economy . . . . . obviously banking was the highest private employers of labour in Nigeria.

no sanusi actuallly brought back sanity and transparency to the banking system,have u been following what the NSE is doing since the start of the new yr?
its been gradually rising. . .u have the AMC bill soon to be passed,which is sort of another help to the markets
u have to understand we are not in a dictatorship,u just cant intervene in mrkts without the national assembly passing a law to that effect

In reality no sector can be left alone without a little aid from the government ---- this is how it is everywhere, the Nigeria bank will keep dropping staffs because they are not just left alone BUT with a big watch eye that reads "behave or get screwed" they are scared of taking risk


do u know how many jobs were lost in the u.s?. . .its either u are a capitalist or a socialist. . .
if the banks are booming they expand and hire more ppl. . .if business is slow,naturally they shed staff
thats how any business operates in the world

I am not surprised that Sanusi cannot connect the dots . . . . . HE is an extremist and they live in a different planet[
stop being a bigot. . .the train has already left the station,so stop complaining
money is already flowing into the banks,smart ones are busy snapping up shares right now
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by yeswecan(m): 4:59am On Jan 07, 2010
@ paddy_lo

How do you know am a bigot . .  LOL

Do you know why there was a bailout package in US and Europe? well, i thought it was because they wanted to prevent loss of job and properties which will save the economy from sinking . . . if there is another reason you can share it with me.

Do you know what caused the recent financial crises? wheather it's Leverage, Asset-liability mismatch, regulatory failures and/or contagion  it is all Fraud. Just for the record bankers are the most corrupt people in the world, go and read about Rothschild . No economy is clean and transparent plus there is no such thing as freemarket or capitalism you can only attain a degree of it. If the west really want that they should call the shot with Subsidy-Free economy then we can talk.

Talking of transparency, America and European banks are the worst on planet earth RESERVE BANKS INCLUSIVE. Why do you need transparency in banking young man? AND what makes you think the banks were not transparent ? oh because they made wrong decisions.

I am not a bigot i never had be, i only predicted the colapse of the only  moving sector in Nigeria when Sanusi started with his clean up duty. I watched from a distance now the result has manifested . . .

It takes a tranquil state of mind to understand the magnitude of some certain things and i think you lack that young man .  Even if i preach from now till next year  . . . . . .  you might never understand, you need a sound mind .
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by paddylo1(m): 5:17am On Jan 07, 2010
@ paddy_lo

How do you know am a bigot . . LOL

because of the choice of words u use. . .u call him an extremist just cause he is cleaning up a system that thrives on confidence

u know if this was china,those bankers would be shot,end of story. . .

again i ask u to look at the stock market this yr,lets see where we are by march
for now it is moving well. . .
Do you know why there was a bailout package in US and Europe? well, i thought it was because they wanted to prevent loss of job and properties which will save the economy from sinking . . . if there is another reason you can share it with me.
the banks here were bailed out because it was thought that if they go under,everyone else goes under. . .so the decision was made to save the banks
end of story. . .of course obama came later and tried to do some social engineering through the banks but most of it has failed woefully
for example in the first 3 months of last yr 2009,america was loosing jobs at an average of 600,000 a month
that was after the bailout that happened in 0ct 2008
Talking of transparency, America and European banks are the worst on planet earth RESERVE BANKS INCLUSIVE. Why do you need transparency in banking? young man AND what makes you think the banks were not transparent ? oh because they made wrong decisions

when i say transparency,i mean in your books and financials. . .the ability to mark to market take your losses and move on. . .every bank did that over here
those that had capital shortfalls after that had to go raise capital somehow either from the market or the govt

It takes a tranquil state of mind to understand the magnitude of some certain things and i think you lack that young man . Even if i preach from now till next year . . . . . . you might never understand, you need a sound mind .
i know all u want to say. . .sanusi is from the north,he wants to steal our southern banks. . blah blah blah
as if akingbola has not ruined his own bank all by himself without the need of sanusi. . .
u forget the state we were in last yr. . .rumors circulating online that only 4 nigerian banks were safe. . .

now nigerian banks are the most capitalized in africa. . .some having as much as 45% capital ratios
which is unheard of for even goldman sachs which has only 15% tier 2 ratios. . .

so dont worry about my state of mind,am doing just fine
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by Kobojunkie: 5:22am On Jan 07, 2010
netpro:

But when nothing is in place: no power, credit facilities, raw materials, security, etc. I will still encourage you go self employment because those working are loosing their. Imagine where people are begging for their salary to be slashed!

Small businesses are not necessarily immune so self-employment is not necessarily the best shelter even in this situation.
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by mbulela: 5:25am On Jan 07, 2010
from the two arguments, i can tell who needs a  sound mind. wink
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by yeswecan(m): 5:33am On Jan 07, 2010
mbulela:

from the two arguments, i can tell who needs a  sound mind.  wink

And i can tell your definition of "sound mind" given your incessant support for Mallam Sanusi.

@ paddy_lo

So what's your take on the job loss?  and please don't tell me Chukwuma Soludo was a bad manager.
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by texazzpete(m): 8:58am On Jan 07, 2010
yeswecan:

And i can tell your definition of "sound mind" given your incessant support for Mallam Sanusi.

@ paddy_lo

So what's your take on the job loss?  and please don't tell me Chukwuma Soludo was a bad manager.

i'd like to see you do an analysis on how much Soludo's deliberate devaluation of the Naira has cost ordinary Nigerians.

Soludo told he Senate that he deliberately influenced the Naira's fall from N119 to a dollar to the current regime of around N150 to a dollar for strategic reasons.

As a result of the exchange rate change, and since Nigeria is a country that imports , millions of Nigerians have had to pay far more for goods than they did before. a quick look at the Nairaland Auto section should show you how the cost of cars has gone through the roof.

So why is no one beating the man up over this?
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by mbulela: 1:58pm On Jan 07, 2010
yeswecan:

And i can tell your definition of "sound mind" given your incessant support for Mallam Sanusi.

@ paddy_lo

So what's your take on the job loss?  and please don't tell me Chukwuma Soludo was a bad manager.

the truth is bitter but it shall set you free.
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by paddylo1(m): 2:44pm On Jan 07, 2010
@ paddy_lo

So what's your take on the job loss?  and please don't tell me Chukwuma Soludo was a bad manager.

dont get me wrong here,i believe soludo was the best thing to happen to the nigerian economy in the past 5yrs

before then what we had werent banks,but rent seeking organizations that survived on currency roundtripping and other sundry acts that had no bearing on the real economy

dont forget we then had about 100+ of such "banks", most of them too tiny to help anybody

i look at soludo and sanusi as two sidees of the same coin

like when u were small u had your mum and dad,sometimes mum played good cop,other times the dad played bad cop and is stricter
at the end of the day they both wanted u to grow strong and tall and be a success

its the same thing with soludo and sanusi

as for the job losses,well i currently reside in the u.s where firing people is not a big deal
so i understand the need for a company to get its cost structure under control

however the ppl fired should be given adequate cushion in form of early termination bonuses and allowances
and i hear some banks are doing this
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by ud4u: 3:13pm On Jan 07, 2010
Sanusi thank you very much, this one don pass play
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by Enjoyment1(f): 3:19pm On Jan 07, 2010
ud4u:

Sanusi thank you very much, this one don pass play
]


My Guy. you need to see how people are suffering from this mass sack. In fact, my account officer was fired at Intercontinental Bank. I really liked the guy. Sanusi, these staff are innocent of all these. Reforms can still happen even without sacking.
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by rhymz(m): 3:53pm On Jan 07, 2010
When one looks at all that's happening in the banking industry, the question that comes to ones mind is what is the essence of the whole mafian style reform Mr Fundamentalist Sanusi embarked on.
I thought this whole reform brouhaha was to forestall situations like this.Even banks that Mr Sanusi declared sound are also sacking en masse without warning or caution,no thanks to Mr Sanusi.Realy,all these raise a lot of questions as to the ability of Mr Sanusi to bring any meaningful change.The following questions are begging for answers:
1.Does Mr Sanusi truely have any realistic plan to stop the worsening of the problem or he wants to continue to act on his impulses and hope for the best.
2.Could Mr Sanusi have saved jobs if he had been more careful,thorough and followed due process.
3.Is it possible that Mr Sanusi and his team of auditors compromised at some point when they declare certain banks as sound yet these banks are not showing any difference from the so-called unsound banks from the scale of sacked workers in these banks.
4.Can we truely say that Mr Sanusi has the catholic experience that is expected of a CBN governor coz obviously his performance is debateable.
5.And finally does Mr Sanusi have any plan that will address the situations of these sacked workers.
Mr Sanusi is obviously a good scholar of finance but not a good pick for a CBN governor,that is the cold hard truth.
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by debosky(m): 4:42pm On Jan 07, 2010
[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
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by CarlosVent(m): 5:10pm On Jan 07, 2010
pls all these bankin stufs is not worth it. and also jobs r now goten while d getter is not at rest cos anytin can happen.

Pls learn and make sure u have a skilled work or job. with this if anytin happens u wil showcase what u can do with ur skil and go into smal scale.

go into anytin computer related or web designin or food makin or cloth or welding or iron bending what ever. they r real and paying or a good needed paying business . aditional is www.africapchome.com
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by Wrex(m): 5:15pm On Jan 07, 2010
Oceanic bank dey lie ooooo!!!!!!, they still sacked someone at my branch yesterday
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by debosky(m): 5:34pm On Jan 07, 2010
Wrex:

Oceanic bank dey lie ooooo!!!!!!, they still sacked someone at my branch yesterday

Is sacking someone the same as sacking 1,200 people? Comprehension is lacking. sad
Re: Oceanic Bank Denies Sacking 1,200 More Workers, Slashes Salaries By 30% - Latest News by ddiamond(f): 5:38pm On Jan 07, 2010
the night mare continues this 2010. na wah oooo.

GOD help my fatherland ooooo

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