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Key Stone Bank Fires Senior Management Staff - Business - Nairaland

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Key Stone Bank Fires Senior Management Staff by Omooba77: 6:26pm On Dec 28, 2013
About a month after sacking a good number of its workers, Keystone Bank Limited has again fired a significant number of its workforce -majority of the affected employees belonged to the senior management cadre.

Keystone Bank, one of the three nationalised banks belonging to the Asset Management Corporation of Nigeria, had early this month laid off some of its workers, and said the ‘right-sizing exercise’ was ongoing.

The bridged bank also said the exercise was in continuation of the lender’s recently instituted performance-based appraisal system.

A statement on Wednesday by the bank’s Head of Corporate Communication, Mr. Mohammed Ciroma, confirmed the latest job cut.

It stated that the move was in tune with the extant human capital development policy and guidelines of the company.

According to Ciroma, the development is aimed at repositioning the lender to adequately meet the challenges of the new financial year.

The spokesman said the management of the bank had held a meeting with the executive members of the Association of Senior Staff of Banks & Other Financial Institutions, adding that a consensus, which holistically accommodated all payments accruable to the affected staff members in line with the 2012 ASSBIFI Staff Settlement Agreement, had also been reached.

Ciroma stated that the bank was committed to the ideals of due process and proper separation of service between its employees and the institution.
He added that the bank “remains focused on achieving credible business performance that would enhance the brand value while safeguarding the welfare of its employees and the investment of shareholders, the banking public and other stakeholders.”

Declining profits, which characterised the nine-month results of a number of banks, may have ignited a wave of job cuts in the banking sector.

Some banks have sacked workers a few months after the Central Bank of Nigeria introduced a stiffer monetary measure, asking the Deposit Money Banks to keep 50 per cent of public sector deposits with the CBN.

In the last two months, at least four banks have sacked some of their workers.

They are Union Bank of Nigeria Plc, Enterprise Bank Limited, Unity Bank Plc and Keystone Bank Limited.

Union Bank and Unity Bank had disengaged some of their personnel. Enterprise Bank also reportedly sacked over 150 workers. Enterprise, one of the three nationalised banks, confirmed the development but declined to mention the number of staff members affected.

Analysts are of the opinion that in the coming months, more banks are expected to ‘right-size,’ in line with the tight monetary stance of the CBN and in a bid to rein in on inflation, which the CBN has succeeded in keeping at a single digit in the last six months.

http://businessnews.com.ng/2013/12/28/keystone-bank-fires-senior-management-workers/?wt=4
Re: Key Stone Bank Fires Senior Management Staff by Odionastron: 6:49pm On Dec 28, 2013
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Re: Key Stone Bank Fires Senior Management Staff by slimming: 6:52pm On Dec 28, 2013
Is not new
Re: Key Stone Bank Fires Senior Management Staff by rozayx5(m): 7:05pm On Dec 28, 2013
if your a banker, always have it at the back of your mind that your job is not secure and save for the rainy day

cause when it happens those that prepared for such will not cry but just smile to their businesses

5 Likes

Re: Key Stone Bank Fires Senior Management Staff by Omooba77: 7:52pm On Dec 28, 2013
rozayx5: if your a banker, always have it at the back of your mind that your job is not secure and save for the rainy day

cause when it happens those that prepared for such will not cry but just smile to their businesses

You are on point; not just Banking; any job where you are an employee, you must have it at the back of your mind that it can end any day. First thing is to get a landed property, no matter where it is built; even if it is 2-Bedroom flat. I discovered when people lose their job, the first disability is accommodation, so you must prepare for tomorrow.
Saddening enough, I see young men taking loans to buy latest technology called flash cars in a rented apartment; some with like 4 cars, without having a single block in Agbara or Epe. It is true only God builds for one, but we need to make efforts too.

23 Likes

Re: Key Stone Bank Fires Senior Management Staff by Omooba77: 9:10pm On Dec 28, 2013
Effect of the banking policy.....................Most of these people may not have a saving.....................................
Re: Key Stone Bank Fires Senior Management Staff by harber123(m): 11:54am On Dec 29, 2013
Eeyahhh..Hope they were old men shaaa..At least more jobs for youths
Re: Key Stone Bank Fires Senior Management Staff by Donlexino(m): 11:55am On Dec 29, 2013
It's like soo many of u guyz don't go 2 church at all!
Re: Key Stone Bank Fires Senior Management Staff by Nobody: 11:57am On Dec 29, 2013
Omooba77:

You are on point; not just Banking; any job where you are an employee, you must have it at the back of your mind that it can end any day. First thing is to get a landed property, no matter where it is built; even if it is 2-Bedroom flat. I discovered when people lose their job, the first disability is accommodation, so you must prepare for tomorrow.
Saddening enough, I see young men taking loans to buy latest technology called flash cars in a rented apartment; some with like 4 cars, without having a single block in Agbara or Epe. It is through only God builds for one, but we need to make efforts too.
Omooba77:

You are on point; not just Banking; any job where you are an employee, you must have it at the back of your mind that it can end any day. First thing is to get a landed property, no matter where it is built; even if it is 2-Bedroom flat. I discovered when people lose their job, the first disability is accommodation, so you must prepare for tomorrow.
Saddening enough, I see young men taking loans to buy latest technology called flash cars in a rented apartment; some with like 4 cars, without having a single block in Agbara or Epe. It is through only God builds for one, but we need to make efforts too.
Omooba77:

You are on point; not just Banking; any job where you are an employee, you must have it at the back of your mind that it can end any day. First thing is to get a landed property, no matter where it is built; even if it is 2-Bedroom flat. I discovered when people lose their job, the first disability is accommodation, so you must prepare for tomorrow.
Saddening enough, I see young men taking loans to buy latest technology called flash cars in a rented apartment; some with like 4 cars, without having a single block in Agbara or Epe. It is through only God builds for one, but we need to make efforts too.

2 Likes

Re: Key Stone Bank Fires Senior Management Staff by Nobody: 11:58am On Dec 29, 2013
Donlexino: It's like soo many of u guyz don't go 2 church at all!

Wetin concern Church and the topic?
Re: Key Stone Bank Fires Senior Management Staff by ebamma(m): 11:58am On Dec 29, 2013
Donlexino: It's like soo many of u guyz don't go 2 church at all!
u where go church, na offering u come to do for here?

4 Likes

Re: Key Stone Bank Fires Senior Management Staff by Dhelake: 11:59am On Dec 29, 2013
rozayx5: if your a banker, always have it at the back of your mind that your job is not secure and save for the rainy day

cause when it happens those that prepared for such will not cry but just smile to their businesses
Some don't even have savings

1 Like

Re: Key Stone Bank Fires Senior Management Staff by shark2last(m): 11:59am On Dec 29, 2013
More banks to sack in coming months. There is great decline in the profits made by these banks, so the most probable and easiest way to cut cost is to reduce operating expenses by sacking staff.

The annoying thing is that most of these banks don't have good final entitlement to exited staff. Banking jobs are not secured at all.
Re: Key Stone Bank Fires Senior Management Staff by alarm4: 12:03pm On Dec 29, 2013
intead of sacking why not constitute the easy way buy reducing staff salaries.......why pouring more jobless to the unemployed society we live in....
Re: Key Stone Bank Fires Senior Management Staff by alarm4: 12:04pm On Dec 29, 2013
instead of sacking why not constitute the easy way by reducing staff salaries.......why pouring more jobless to the unemployed society we live in....
Re: Key Stone Bank Fires Senior Management Staff by codemaster2much: 12:09pm On Dec 29, 2013
I feel like using the toilet but I don't want to use the toilet what am I
Re: Key Stone Bank Fires Senior Management Staff by yomi007k(m): 12:10pm On Dec 29, 2013
alarm4: instead of sacking why not constitute the easy way by reducing staff salaries.......why pouring more jobless to the unemployed society we live in....
My broda, those guys on top to really care about wat d masses are going thru.
Re: Key Stone Bank Fires Senior Management Staff by Nobody: 12:10pm On Dec 29, 2013
I've been banking with Bank Phb even before it's baptism to Keystone bank and for me, apart from the reason stated in this post, I don't think the so-called senior management staff have lived up to the duties of harnessing initiatives geared towards the growth of the bank.
I hate to sound like am happy that some peoples parents just lost their source of income, but Keystone bank surely needs an entirely new set of intelligent staff with the zeal and commitment to move the bank to the next level.
Re: Key Stone Bank Fires Senior Management Staff by Tyche(m): 12:13pm On Dec 29, 2013
Insecurity! damn!
Re: Key Stone Bank Fires Senior Management Staff by Eyop: 12:13pm On Dec 29, 2013
alarm4: instead of sacking why not constitute the easy way by reducing staff salaries.......why pouring more jobless to the unemployed society we live in....

You are on point because sacking isn't the solution because all affected have families to cater for but reducing their salaries except the affected staff were inefficient.
Re: Key Stone Bank Fires Senior Management Staff by Ishilove: 12:17pm On Dec 29, 2013
I'd rather teach mentally re'tarded people to read than work in a bank angry

3 Likes

Re: Key Stone Bank Fires Senior Management Staff by Nobody: 12:20pm On Dec 29, 2013
.
Re: Key Stone Bank Fires Senior Management Staff by rodeo0070(m): 12:27pm On Dec 29, 2013
End of the year gift. Too bad sha!
Re: Key Stone Bank Fires Senior Management Staff by ROCKJ1(m): 12:31pm On Dec 29, 2013
Bank work is no job... hire and fire syndrome. i would rather grow my own small company than slave in a bank and later get sacked.
Re: Key Stone Bank Fires Senior Management Staff by peziz(f): 12:32pm On Dec 29, 2013
Ishilove: I'd rather teach mentally re'tarded people to read than work in a bank angry
aunty ishilove haff vex ooh!!!! Lol.
Re: Key Stone Bank Fires Senior Management Staff by dahdah: 12:39pm On Dec 29, 2013
codemaster2much: I feel like using the toilet but I don't want to use the toilet what am I


YOU'RE A GOAT

5 Likes

Re: Key Stone Bank Fires Senior Management Staff by simpleseyi: 12:43pm On Dec 29, 2013
The nonentity called Sanusi Lagido Sanusi that started the whole sack mess in the banking industry has gotten his sack letter too and is proceeding on pre-sack leave. But, at Sanusi Lagido Sanusi's level, it is not called sack, rather they call it resignation or retirement or end-of-tenure - all na the same sack.

1 Like

Re: Key Stone Bank Fires Senior Management Staff by rozayx5(m): 12:43pm On Dec 29, 2013
Omooba77:

You are on point; not just Banking; any job where you are an employee, you must have it at the back of your mind that it can end any day. First thing is to get a landed property, no matter where it is built; even if it is 2-Bedroom flat. I discovered when people lose their job, the first disability is accommodation, so you must prepare for tomorrow.
Saddening enough, I see young men taking loans to buy latest technology called flash cars in a rented apartment; some with like 4 cars, without having a single block in Agbara or Epe . It is through only God builds for one, but we need to make efforts too.

Real Estate wise, EPE is the next big thing, am scouting land in that area, cause in the next 5-10 years lipsrsealed lipsrsealed lipsrsealed

1 Like

Re: Key Stone Bank Fires Senior Management Staff by rozayx5(m): 12:46pm On Dec 29, 2013
Ishilove: I'd rather teach mentally re'tarded people to read than work in a bank angry

know people that where earning 500K +
including a sibling of mine, but they just walked out of the job, some say it does not bring out the best in them , others say their career is not guaranteed so they just travel out and do their masters and work outside, or go start a business

1 Like

Re: Key Stone Bank Fires Senior Management Staff by Nobody: 12:47pm On Dec 29, 2013
if you are a bank worker have it at the back of your mind that you don't have a job

2 Likes

Re: Key Stone Bank Fires Senior Management Staff by snadguy007(m): 12:48pm On Dec 29, 2013
Gone are the days when banking job was everybody's dream. Now its a total mess.....Thanks to Mallam sanusi
Re: Key Stone Bank Fires Senior Management Staff by yollychika(f): 12:50pm On Dec 29, 2013
Donlexino: It's like soo many of u guyz don't go 2 church at all!
u go?? tongue

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