Sterling Bank Sacks 400 Workers

STERLING Bank Plc has sacked 400 workers in a systematic mass retrenchment aimed at reducing overhead cost. News Agency of Nigeria, NAN, investigations showed that 97 per cent of the retrenched workers were former staff of Equatorial Trust Bank Ltd. acquired by Sterling.
A source close to the bank said that the mass sack, which started about three weeks ago would also affect another 150 workers because of the consolidation of the two banks. He said that workers were thrown into the nation’s saturated labour market with only three months’ salary as severance package.
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