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wonderz (m)
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@debosky,
u could be a pawn in the hands of zenith mgmt, i don't care. restructuring my foot! why is that not considered before announcing the jumbo pay? or they are not thinking strategically? or they are being reactive as they have always been? cross-check fact before posting stuffs here! ok!!
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debosky (m)
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what facts have you 'crosschecked' mr wonderz?  The facts as available are - the salaries have been restructured in line with corporate goals, for all you know this was in the thinking of management beforehand and they decided to keep it to themselves till the appropriate moment. Zenith is being 'reactive' as 'they've always been'? Where is your proof man? Getting all emotional will not elucidate anything, try to reason dispassionately if you can I have just given an example of Bear Stearns (doubt if you even know what that is  ) are you bold to say that even them, Morgan Stanley, UBS and other world banks who restructure from time to time are not 'thinking strategically'? Stop hyperventilating. . .I know naira and kobo is the only reason majority of people are working, hence the knee-jerk reactions. But there is more to life than that in the end, much more. |
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skintom77
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GOD BLESS ZENITH,GOD BLESS JIM OVIA,GOD BLESS NIGERIA
konye pls dont put the horse before the cart.You come across as some one who is insecure because if I were you I would simply resign if my current employer is not sticking to the terms and conditions for employement.Speaking of which, am pretty sure didnt read through your employment letter you simply signed and i can assure today that even if Zenith decides not to pay you your much anticipated/expected Decemeber salary you don't have a case in court.
Secondly why all the grammatical errors?
And for those who don't understand the rationale behind the third public offer in three years pls take time to read the full propectus of the offer.
Most of the funds realized will be used for project finance(in sectors like oil and gas telecomms,IPPs etc).
We are all complaining that our banks are not up to international standards but the truth this:our banks can never compete with international standards if they dont have the kind of funds required to do the kind of business these other bigger banks do.The smallest bank in South Africa is stronger and better that the biggest in Nigeria in all ramifacations.
Am sorry that I have to post my reply to this thread in this manner because I dont believe in crticizing people in public but I have no choice at this point .No hard feelings.
Finally T24 is not a failed project,its implementation was just suspended because of the offer and festive period.
ON A FINAL NOTE REMEMBER THIS BULLSHIT CAN GET YOU TO THE TOP BUT IT WILL NOT KEEP YOU THERE!
have a funfilled xmas and wonderful new year
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ikhideman (m)
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According to what I was told by a friend who's a staff of Zenith, the salary was slashed, in the sense that the part that was removed would be tied to performance; hence some could earn more than others.
Hence, Oceanic should be currently the highest paying Bank!
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Finecat (m)
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@Debosky
You must be a clown, i can only say that you are only a victim of your imaginations. Siddon for bank and keep hope alive until they hand you a pink slip, then your eyes go clear. yeye bank worker, they give you peanut and slashed that $#it in half and you dey here dey pho. I guess you trust these millonaires too much, just in case you don't know they are just like freaking politicians. Lie, lie and more lies.
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Finecat (m)
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@Ikhideman
Do you believe that? I doubt if anybody gets any incentive even if you break your neck for this bank. What is wrong with the good 'ol warning or disciplinary actions for those non-performing staff. Why would any company Rob peter to pay paul? The bottom line is, Zenith bank is in trouble and might even be against the rope. Can you imagine, all these is happening shortly after the Fed. Govt. started raising concerns about the possibility of distress in the banking sector. You can tell Olivia to try it again, i'm not buying his crooked story line. I pity fools like Debosky and the other coons that bought the story. Before a company take a drastic measure like this, they usually look at the periphery like cuts in infrastructures, cuts in expenses, aggressive adverts e.t.c and not just dipping into employees pocket book without advance warnings.
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debosky (m)
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You're a complete ninny uglycat is the principle of performance bonus too complex for your pea brain to grasp?  It is a common in many productivity-driven organisations and according to astute posters on this thread, is actually a throwback to the origins/start up of Zenith, with such practices boosting the company's growth. So in essence, the pay package is returning to its roots. You 'doubt' if you get any incentives? based on what information oh knowledgeable one? The workers in the institution say that was the way it was originally, so who are you to say they now don't get? Does your ugliness bestow mind reading powers on you as well? I don't trust anyone too much, but I'd rather take an informed opinion than the rantings of a rabid hound like yourself You don't need to pity me or call me a bank worker. . .I have no ties whatsoever to the system, apart from a patriotic interest to see them succeed of course. You are in no position to state what other policies or actions are being carried out by Zenith at this time, basing all these half baked conclusions on a few isolated examples is a clear sign of mental laziness and poor scholarly aptitude. I've shown you banks who have laid off people and cut executives' bonuses - international well known brands at that, so why can't Zenith carry out the same? Go play with your toys child. . .When you can put together a rational and coherent argument then holler back at me  |
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Finecat (m)
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@Debosky
Is that what they told you?? It shows the level of your understanding. Let me shed more light on this for you, bonehead. Performance based incentives are practise used by most companies to cheat employees. Some up and coming companies in the USA use this to boost their income in order to minimize how much they pay employees. The minimum wage in the USA is like $6.00/hr. These companies offer their employees $6.00/hr and tie the rest of their pay to how well the employee perform. I used to be a manager and we have meetings that they tell us the maximum an employee can be given no matter how well he/she performs. For instance, as a manager if my incentive base pay is low, the company cut me a big fat check at the end of the month. When these companies suppose to be paying like $12.00/hr, they end up paying like $8.00/hr with the incentive included. So the so-called performance based salary is just another ploy to rob employees. So quit making it look like it's a good thing, Open your eyes and grab knowledge and you will be amazed how much you are being cheated because of lack of knowledge.
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debosky (m)
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once again, you exhibit a lack of wholesome reasoning skills - does your ONE experience or set of experiences negate the success of the policy in other companies? Do you know how much Investment Bankers make as bonuses each year?
I can give you examples of Morgan Stanley, Bear Stearns, UBS and a host of others where people choose to work simply because of the bonus potential - your limited exposure to Shylock business owners should not becloud your judgment - not everyone is out to 'get' you. Lose the siege mentality
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Finecat (m)
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@Debosky May be when you leave Onitsha, you will understand better, it's a waste of time arguing with a bonehead idiot ! Go watch some cartoons. By the way, please. take that picture down, you look straight gay. Looks like your boyfriend is on the other end. AND QUIT QUOTING COMPANIES YOU KNOW NOTHING ABOUT !!! |
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joshjosh (m)
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Nigeria my Nigeria!!! signs they say will never end. like i said in another post earlier most of the ladies that work in this place are glorified hookers. as blueband said earlier i too experienced the seedy young girls trying to get your business. even though i was already a customer. i have always made my excuses and left i still get the text, emails and flashing as you guys call it.
the banking industry has always been a massive fraud and con on the nation. i remember in the 80S that area office's would transfer bad and doubtful debts into the rural area branches to increase the lending portfolios of those smaller branches as the cure for their bad loans bad loans . i am talking heavy figures here. not even the lovely CBN could spot these shoddy dealings. only God knows what they will be up to now
debosky, you are alleging "sourcing cheap funds from abroad or capital markets at 1-2% interest rates and arbitraging such funds to lenders at at 9-15% is a sound way of making money and is the oldest trick in the banking handbook" - surprise surprise not even the bank of england and the federal reserve bank can offer loans at that rate ( 1_2%) to their finance houses let alone Africa they like bleeding.
there are cheap interbank and interbranch loans the cheapest you can get now in credit squeezed Europe is about 5.2% and that is if you get it because there is great fear in the system at the moment.
whatever you do be well and wise. don't spend what you don't have
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debosky (m)
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Joshboy thanks for the correction. . .I simply gave that as an illustration, I wasn't being precise with the figures. The fact remains that funds could be relatively cheaper outside Nigeria and brought in to lend, trade or whatever and profits made. @ Finecat If all the companies you know about only pay shylock wages of $8 an hour is it my fault? I know more than enough about those companies thank you, not the scheming thieving ones you were 'manager' for (didn't know that was what they called Janitors in LA ) Leave me at my O'sha bridgehead. . .we be making it big in the Tura business here  . Zenith and co dey come beg me daily to put my current account in their bank, with the cash rolling in me sef suppose unleash O'sha Int'l Bank soon  |
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wonderz (m)
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@ debosky,
there's no need exchanging words with you on this page 'cos it clearly shows you have something up your sleeves to defend the zenith management team. there's nothing wrong with productivity being measured but the approach to it at this period is wrong. i didn't just come here to post without gathering facts. most organisations that carries out profit sharing at the end of financial year make provision for such outside of the emoluments of staff and it's driven by productivity. zenith bank after a recent survey from the employees removed PS (as it's fondly called) from the package of her employees. why should it be brought back without recourse to them? it shows clearly that the organization has been robbing her workforce before now. so what are we saying? it shows very clearly that something is wrong fundamentally. there's no need trying to cover their ass.
@all
let the house contribute to this! my organization also makes allowance for profit sharing based on what is made at the end of the year. i don't see any reason why issues of profit (or non-profitability/productivity) should bring about a salary slash. i suspect the bank is lacking focus and approach.
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Bodiga (m)
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maybe they want to use the other half for thier staffs christmas bonnus
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dewaledeyi (m)
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It was these banks that crashed the HYIPs in Nigeria under the pretext that they were "Wonder Banks"
Anything good for the populace is bad news to these banks and now they are being paid in their own coin.
I always knew there were sharp practises in the banking sector or how else can you explain the artificial stock appreciation of most of these banks shortly before public offers,
I think they feed on the fact that Mr Soludo himself is a dummy in the banking industry and they constantly manipulate him to suit their avaricious schemes e.g. Naira redenomination or should I say shortcut to success. The daftest idea by any central bank in the history of the world.
I think the whole process of banking recapitalisation needs to be reviwed especially for the banks that merged. Those mergers are concealed cans of worms with CBN playing a part as culprits. All sorts happened!
So if we hadnt done a collabo with the world bank and UN these facts would have been hidden, at least until Mr President initiates another catalyst. I think we sit on a gold mine called Nigeria and we don't even realise it. All we do is allow crooks, thugs and cowards to hijack the political arm and then medicres in the like of Soludo heading a very technical sector of the economy.
What we see today is Nigeria waking up on her own to rightly take what belongs to her. Lets make sure that square pegs dont get fit into round holes and then we will be the greatest country in the world cos we have all the potentials.
For bankers, have no fear, the sector will get better and in all economies, the financial sector is always paying high anyways.
So keep your head up!
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Babs_O (m)
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This thread is making me to think more than is necessary on this offer. Perhaps I may have to wait for Stock Analyst before making a decision to buy.
On the T24 issue. I have worked on a major IT project before. I know cynics are just out to spread rumour of failure. Perhaps due to the wickedness in them. At the end of the day the project succeeded and they all keep quiet. Also it brought significant improvements to business.
On the House or is it Senate. Some of them have no clue of how the Economy can be moved forward, while other do not even wish for Good things for Nigerians. Thus quoting them that they are looking into capital raising doesn't impress me. They should be busy working out set up of new companies to start generating power for the Nation as a top priority as against stiffling the process of Banks raising capital. They should also try to be better informed. Sub-Saharan Africa is in need of massive funding. If we can generate the funds internally by a saving / investing culture this will benefit us a lot on the long run in making us get a high GDP and be real partakers of this GDP. I salute Soludo on this and Appreciate the competetion being unleashed by Zenith.
Zenith is the Lead Financial Adviser for Zenon Petroleum in raising $ 2.09 billion! Zenith's contribution to this was $ 300 million. There are still lot's of projects that need to be funded in this Country and this makes be believe in the current Zenith offer that is targeted at infrastructure projects.
My experience with Zenith is some staff are really hardworking and some are loafers. Thus I can see management challenge of how to best focus Staff on Performance. Perhaps this all that is happening. Will watch out for the news media etc for any other tell tale signs to the otherwise.
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Pennywise
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I think, this is one of the ways Jim Ovia has chosen to reduce costs in order to shore up real and not paper profitability in view of recent search light on this industry.
It is probably another way of saying there is no need to compete with other banks for funds as high networths and institutions are rapidly bypassing deposit accounts for stockbrokers.
Lets face it when you talk about perfomance and productivity in the Nigerian banking industry today we are not talking about how proficient you are counting cash Or if you can get people to come and take loans (which they hardly give anyway unless you are an Ibori) I am not an insider just an on-looker.
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cabali (m)
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@ Finecat
It is shameful that u resort to verbal abusiveness ast people u have never met! This shows a wierd kind of complex. Respecting people shows You to mature even if one isnt, physically!
U need to respect people more except u want a trip to stone age for comfort
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sweetstjoy (f)
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MAYBE YOU DONT KNOW,
KONYE IS VERY RIGHT, ALL YOU WHO WANT TO SUPPORT EVIL WILL NOT LAST, SAY THINGS THE WAY IT IS AND YOU WILL BE HELPED IF NEED BE,
UNFORTUNATELY FRIDAY HAS COME AND GONE YET NO PAY, ONLY FOR THEM TO SEND MAILS BY PAST 10PM YESTERDAY ON THE REDUCTION REVIEW(ITS EVEN LESS DAN WAT WE USED TO EARN), IM SO PISSED, LANDERS I WAS STILL AT WORK AS AT THEN, WAT KIND OF LIFE IS THA, ITS ONLY IN ZENITH THAT BOTH MARKETERS AND OPERATORS ARE UNDER PRESSURE, YEAH WE HAVE A STANDARD WHICH I LIKE AND ADMIRE BUT THEN THIS IS A VERY BRUTAL WAY OF SPENDING XMAS AND SAYING THANK YOU TO STAFF, FOR WHAT THEY WENT THROUGH, DURING THE T24 MIGRATION EXERCISE WHICH FAILED,
AND FOR THOSE WHO SAY IT HAS BEEN SUSPENDED, I ASSURE YOU, T24 WILL CRASH ZENITH IF IMPLEMENTED, I SEE VISIONS AND I VE PRAYED FOR THIS BANK BUT IF THEY DONT HAVE MY INTEREST AT HEART THEN ITS NOT WORTH,
NEVERMIND WE ARE IN FOR THE BEST, OUR FUTURE DOES NOT LIE WITH ZENIT,
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Finecat (m)
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@Wonderz Don't mind Debosky, he's just hoping to get a job with zenith. Now that things are going rough for the bank, he doesn't want to believe it. That guy is a clown to the core. He's kind reminds of Naija a lot: Blind argument. He's still my brother though and i got nothing but love for him ! @Cabali What's your problem ?? I know it's too early to be drunk. I wasn't even talking to you Bro'. |
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gbeborun (m)
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it's quite obvious nigeria has lots of creative and intelligent.
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Egavlas (m)
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Well, what do you know?
The real Zenith bank workers are saying here that the story is true and that they had not received the salary as at yesterday(while receiving messages of the imminent reduction in salary).
And the *Big guys* with *reliable* sources (probably top management people) are here telling us that nothing is amiss and that its all restructuring.
Now who do we believe?
Warning! this post may contain typos cause am not used to cross-checking my English with a dictionary in an online forum
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rapidoch
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Having read what my fellow nairalanders have written with respect to slashing of Zenith bank Employees' salaries, I begin to nurse some fear because i invested heavily in the current Public offer that is going on in Zenith bank and even Bank PHB. I no wan story.
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faketan (m)
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Finecat, you love his ass?  Zenith: Though it may not be anything too serious but I am happy I changed my mind about their PO. At least I am not concerned for now. |
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DonnMarris
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I am a Banker myself, our pay package used to have this performance based stuff. You can never earn that part of your pay package 100% & unfortunately it forms a better part of your pay package. It was later scrapped but I heard they want to re-introduce it with the new review. Hang in Guys ! & still give Jim a chance. He used to perform u know!!!!!!!!!!!!!!!!!!!!! The Grass is not greener anywhere in the Banking Industry. Our Bosses are all birds of the same feather.
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kolahinmi (m)
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Hi
I really feel the pains of Konye and Swetstjoy.I am not a Zenith staff but I know what they are saying is true cos i have gots lots of friends there.I know how painful to make a budget of your own only to be rubbish by the Big Ogas who are not affected by their own policies.I know there is a rainbow after the storm.
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Finecat (m)
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@faketan
I used it as a synonym for his being, Comprede? I changet it, Are you happy now?
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faketan (m)
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haha finecat. Na only jokes. . hehe you for no change am nah. |
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fx_two
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It is very unfortunate. That is Nigeria for you.
Besides, we never knew when the going was getting sweet,
However, if I may ask, how much do Zenith pay initially, and how much is the proposed pay? I mean, say for a beginner. Maybe I would post my detailed opinion when I get more facts.
And EFCC would not act in this case?
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Panache (m)
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I still find "marketing" as done by naija banks very ridiculous. It is only in Nigeria that you see this approach to getting customers. I think it is more of slavery than marketing. a job is hard to get in today's naija, at the same time it is unfair to enslave these young men and women on in the name of getting customers. I have had a personal experience with some of these marketers and their desperation is nothing to write about.
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