Access Bank to Cut Staff Salaries to Avoid Job Losses

Access Bank PLC is planning to cut the salaries of its workers to prevent job losses as lockdown occasioned by coronavirus has drastically affected its income.

Sources in the bank told Bloomberg that the reductions were expected to start from May unless business conditions improve.

The sources who said they were briefed on the matter during a conference call, said some management staff would get as much as a 40% decrease in their salaries.

A representative for Lagos-based Access Bank declined to remark.

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Nigerian banks are confronting the danger of rising awful obligation levels as an accident in oil costs and the danger of a naira depreciation correspond with the Covid-19 pandemic that has covered organizations.

Access Bank, which obtained rival Diamond Bank Plc a year ago, had 6,898 lasting staff toward the finish of 2019, as per an introduction on its site.

The procurement somewhat added to a 31% expansion in working costs. Staff, enlistment, and preparing costs represent in excess of 33% of overheads after the arrangement helped representative numbers and brought about “wage harmonization” over the organizations.

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