Spring Bank restructures, lays-off workers
Spring Bank restructures, lays-off workers
By Dele Fanimo

THE gale of retrenchment sweeping through the banking industry appears yet to abate, as it claimed about 200 jobs in Spring Bank Plc, even as the Labour movement tries to halt the tide.

Specifically, Spring Bank began job cut early this month, claiming that only those whose performance fell below expectation would be eased out of the system.

Although, a statement signed by the Group Executive, Brand Management of the bank, Mr Igwe U. Igwe failed to disclose the actual number of workers affected, an insider in the bank who spoke on condition of anonymity claimed that the number was close to 200 and not more.

Spring Bank is not the only bank that had lately withdrawn meal tickets from workers, other banks had equally done so as a way of cutting cost and bring down over-head commitment.

Some banks have equally slashed workers' salaries by as much as 50 per cent, while others, especially in the marketing department, have been on their wits end trying to meet seemingly unassailable targets.

In a telephone chat with The Guardian, Igwe was non-commital on if the management used collective agreement, which spelt out redundancy benefit in working out the affected workers' final entitlements.

He said the rationalisation was borne out of the restructuring and repository strategies of the management of the bank.

Igwe said, "as part of the efforts to restructure and reposition Spring Bank Plc, the management of the bank has commenced a restructuring exercise that is aimed at putting the bank on the path of recovery and optimisation of its workforce.

He added that, "the development, which will engender a re-focused and result oriented workforce, is mainly targeted at non-performing staff, who over the years have contributed below value expectations to both shareholders and customers".

According to him, "poor performance is the main criteria used in this exercise, which will be an on-going process that will enable the bank achieve a quick turn around for stability and growth".

But in a swift reaction to the statement, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), said it would resist any bank's move to sacrifice workers for a sin they did not commit.

General Secretary, ASSBIFI, Mr Jarvis Eromosele, told The Guardian that although the union was not totally in support of retrenchment, but if it must be done at all, it must follow due process using the collective bargain agreement and other extant laws, which spelt out conditions precedent to declaring redundancy.

Eromosele, who declared that workers of Spring Bank were not unionised, however, noted that it was yet to get any official report of such sack from any worker of the bank.

He said notwithstanding the non-membership of such workers, whenever such a case comes up, the union would be willing to take it up with the appropriate authority with the aim of redressing the situation.

Eromosele therefore urged any worker who has been sacked recently by Spring Bank to come to the union secretariat and lodge a formal complaint.

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