Ecobank Nigeria Pls has sacked 40 top managment staff in an exercise economic watchers attribute to the biting fiscal and regulatory headwinds being faced by operators.
The rank of those sacked ranged from Assistant General Manager; Deputy General Manager and above whose monthly emoluments are said to be huger. The affected top management staff of the bank were handed their sack letters from the bank’s head office on Victoria Island, Lagos on Tuesday.
Their lay-off is intended to streamline staffing, thereby cutting overheads since the bank is adjudged to be top heavy.
However, aggrieved groups in the bank are saying that the policy of downsizing is mostly targeted at the lower level.