Nd dat yeye gudluck wud come out nd say" we well create employment opportunities for our youths........" wen z yeye sanusi don mess up d banking industry. it jst makes me sick, now wat wud dos workers be doing for a living now, Dats y in some ways i don't blame yahoo boiz, armed robbers, kidnappers,BH etc...m suo non of dem dreamt of being wat dey are wyl young..me i don sleep jare :'

See y as a banker u should'nt hold ur head high in self-glory, or self-praise! Feeling satisfied wit working for a bank! Here is my candid advise to u; temporal bank workers, the heat in there could burn a 30000 litre tank filled wit water! Sniff around for something else yl u stil can, cos the shock isn't what anyone should wish for even an enemy! Wat nex for those people affected?

O' ma God! It's rili sad 2 hear dis horrible & bad news..i dn't jst undastand dis country.y all dis bad news of sack! Sack!! Sack!!!..is dis a new style in d work environment? Hw wld those sack staff feed there family now,where wld they start frm looking 4 a job whereas many most graduate are out there searching 4 a benefiting job but are unable 2 get.many graduate are on d street and now those sack staff's are coming them..well,may God help us..AMEN.

Mergers and aquisitions while workers are being retrenched and those left behind made to sit up, shareholders smile τ̅☺ Τ̲̅ђε̲̣̣̣̥ bank.

....banking sector is colapsing....u guys should join me in d judicial sector......@ leaast people d find trouble daily....ur hardwk can fetch u a fortune

nigerian re alwys to wht ever situations that comes our way and we re alwys ready to continue with our dear lifes. God will see them thru cos its not easy to start afresh in life after all hope

OlowoTee: Oh! God of creation..: (

direct our noble cause, guide our leaders right...

Sowada: nigerian re alwys to wht ever situations that comes our way and we re alwys ready to continue with our dear lifes. God will see them thru cos its not easy to start afresh in life after all hope

ameen!

Makes me wonder what life is. For most of those sacked, it took some of them ages to get those jobs now they lose it without much savings to their names. And life gets expensive by the day, subsidy, transportation, rent etc. The cashless policy, when nationalized will be another straw on the camels back. The banks are not even giving credit facilities so people die with creative business ideas, to even have a visa to get out is an issue, not that life is even worth it outside the shores of this great country. My advise is, we steak together and shun paid employment and find service/skilled set endeavors and make a great life. Will be needing great CVs soon, i hope I can hire a few more hands

May God c dem thru

wine4dguy: I never wanted to make dis statement but no matter the situation it is right i make dis confession that THESE ARE SIGNS OF ENDTIME...ask God for grace to make it through

The last time I checked my Bible, I no see where dem write "Sacking of bank workers" as part of the signs of end time

all we keep coming up with are policies that will make the rich richer and the poor reduce to nothing gradually...wisdom is indeed profitable...half a word is enuff for the wise!

It's known world over that lean banking/cashless policies introduced into a country's financial system brings about loss of jobs. Why would I go to a branch to transact business when I can do everything online and on the phone. The only time you will start seeing customers in banking hall is when a draft is to be issued. For every 20 New staff, 100 old staff would be sacked

The truth of d whole thing is that not only d banking industries but d AGE we r & still going to i̶̲̥̅̊n̶̲̥̅̊ d nearest future, JET AGE, DIGITAL AGE. Computerization will replace so many ppls work like ATM paying ‎​U̶̲̥̅̊, machines will replace a lot of ppls, automated machines r coming out, so many DO IT URSELF softwares replacing a lot of ppls work. My CANDID advice for anybody that cares to listen, for as long ‎​U̶̲̥̅̊ can not engagge urself i̶̲̥̅̊n̶̲̥̅̊ farming, beta align urself i̶̲̥̅̊n̶̲̥̅̊ one of those area I have mentioned, for ‎​U̶̲̥̅̊ to keep relevant i̶̲̥̅̊n̶̲̥̅̊ d world of today we are. Thank ‎​U̶̲̥̅̊ all

Self employment is the best way to go

may God ve mercy,which company will now employ all these guys?

And God wd soon retrench all those creatn retrenchment-induced- polices to detention. Imagin i went to GTB to deposit and was asked to use d ATM depositor. I looked round and found out there were not more than five pple at d counter. Tell me, u withdraw wit ATM and Deposit with ATM soon they wd bring in ROBOTS to do the recordings. Fellow human beings be wise and sort urselfs out soon.

And the train just keeps moving if you think other banks are immune nah lie its coming including first bank lower salaries for over qualified staff

Please dont blame CBN governor.
More sacking of staff ahead.
In a modern or cashless economy, less staff are needed in a banking hall.
1. It reduce fraud
2. It reduce over-head cost, thus more profit for the shareholders.
3. Better and faster service to the customers.

some bank in UK, their are about 6 workers in one bank.
Bank is business and not a charity shop. ok.

Welcome to Tomorrow.

AGBOR-MAN:
Please dont blame CBN governor.
More sacking of staff ahead.
In a modern or cashless economy, less staff are needed in a banking hall.
1. It reduce fraud
2. It reduce over-head cost, thus more profit for the shareholders.
3. Better and faster service to the customers.

some bank in UK, their are about 6 workers in one bank.
Bank is business and not a charity shop. ok.

Welcome to Tomorrow.

What are u saying? You are truly from agbor! No offense to my other correct-minded fellows from Agbor. Who send govt cashless nonsense? When u instigate a process that is supposed to make people lose their jobs, are they not supposed to make provisions for them? Other countries are busy creating jobs for their nationals,Nigerian govt is occupied with taking back jobs they never provided in the first place! Posterity will judge. Mark my words.

I saw it coming!..Thank God I left the banking industry when I did and that remains the greatest decision I have made because I still enjoy the financial freedom and still have the time to enjoy the fruit of my labour.

nekyluch: I saw it coming!..Thank God I left the banking industry when I did and that remains the greatest decision I have made because I still enjoy the financial freedom and still have the time to enjoy the fruit of my labour.

Take five like you die tell them the fundamentals of true development are about to begin

Let dem join d masses on d street to sack dis present administration.
No job,no water,no light n no security.oh Naija wot a fail nation.

To my dear brother...
In a new world order; it is the Private sector that Create Jobs, not waiting for the Government.
Mark my word; more sacking of banks workers ahead.
When u lose ur job, u find another job or u set-up ur own business.
Life goes on. No need to cry. This is Computer Age.
I love Agbor. I love Nigeria. And May God bless Nigeria. Amen.

Most banks are cutting cost.Recruiting fresh grads as contract staff and laying off the full employed staffs...capitalist world.

gulfer: Direct our noble cause!

Guide our leaders right!

02A02A02: direct our noble cause, guide our leaders right...

Help our youths the truth to know

AGBOR-MAN:
Please dont blame CBN governor.
More sacking of staff ahead.
In a modern or cashless economy, less staff are needed in a banking hall.
1. It reduce fraud
2. It reduce over-head cost, thus more profit for the shareholders.
3. Better and faster service to the customers.

some bank in UK, their are about 6 workers in one bank.
Bank is business and not a charity shop. ok.

Welcome to Tomorrow.

As for me, I'm not blaming CBN governor about why banks sack their staff, however, I do not agree with SLS either oh his new found love for cashless economy, either way, he sucked on it execution. Now, let me correct a notion based on what you said

1. You said "It reduce fraud", unfortunately, cashless activity does not reduce fraud in "itself", in fact, if you don't have sophisticated systems and internal controls in place, it increases fraud. If you've worked in treasury operations, you will know exactly what I'm talking about. The system does not perform electronic audits on it self nor the transaction(s), now depending on how superb the system is, it can detect anomalies in certain transactions and drop it or escalate it, however, even modern banks upon all their sophisticated platforms have "back office" treasury operations to oversee transaction approval, audits, reporting, forecasting, analysis, and the list is endless.


2. You said "It reduce over-head cost, thus more profit for the shareholders." Although you a somewhat right but in actuality, this is so incorrect, whoever told you this misled you. No it does not reduce overhead cost, on the contrary, it increases it. Now what it does do is, it increases the benefit and when compared to the cost incurred, it's minimal. Do you know you have to spend millions in IT, IT super servers, you think they come cheap right, or you think the security, and updates of these servers come cheap. The electricity they consume alone is enough to pay a staff of 500 people for 6months. Look, I don't know where you get this idea from, but laying off people from branches and think you're gonna save money is just plain ignorant. When people are laid off, the responsibility is there, you just transferred it from a human to a computer. The only idea is that a computer is bound to get more work done than an employee will do.

For instance, let look closely at a cost-benefit between an ATM and a teller.

A teller who works for the bank is paid $21,000 annually with full benefits and 5% contribution. An ATM is bought for $45,000 and requires an software, security, network upgrade/maintenance etc of at least $15,000 annually. These compare in 5years long run, compare the both. The teller will incur about $110,000 over the next five years, while the ATM will incur about $120,000 over the next 5years. We have looked at the cost for both, it's obvious which is more expensive to maintain, now the benefit is that the ATM is available 24hrs a day, while a teller works 8hrs a day. Assuming there are no downtime (and teller no sick days) over the next 5years, the ATM @ 24hrs a day will put up 43,800 hrs / $120,000 cost is about ($2.74 per day cost to benefit) as opposed to teller ($10.58 cost over benefit of). Keep in mind these cost over benefit, NOT actual spending cost on paper, kinda like opportunity cost in Economics.


@OP, very unfortunate that these kind of things happen, though anyone shouldn't be surprised. Just like some people have stated, when business merge or consolidate, the employees bear the brunt. It's a common cycle in business,I guess people will learn that Banking in Nigeria particularly is very RISKY. DON'T BANK YOUR HOPE ON IT.

It was really a sad day for some finbank staff, as most of them were asked to go with immediate effect, and they were told that this redudancy is the first phase, that others will equally be asked to go by next month.