Access Bank Sack Staff – Access bank Group Managing Director, Herbert Wigwe has said that the bank will sack 75% of its staff due the COVID-19 pandemic that has ravage the world, Afriupdate reports.
Wigwe, also said he is willing to take a 40% pay cut as part of efforts to cut operating costs.
According to the GMD Wigwe in a video that has now gone viral on social media, Wigwe empathised with staff saying “everybody may have to make some adjustments of some sort”.
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According to the GMD, Wigwe, speaking during a video conference with some of the bank’s staff said;
“We probably don’t need as many securitymen as required, even to the fact that we are not going to have all our branches open between now and December. We don’t need all the tea girls. We don’t need all the cleaners. We don’t need all the tellers etcetera, etcetera,”
“The second has to do with our professional cost. Now that is one that is very tricky and it is tricky because I do understand and appreciate that its gonna, you know, bring its own pain to staff. We basically have to make the adjustments the same way you sounded when we spoke 10 days ago with respect to basically cutting down cost.
“I will be the first to take the hit and I’m gonna take the largest pay cut, which would be as much as 40 percent. The rest we would have to cascade right through the institution. Everybody may have to make some adjustments of some sort.”
“The rest, we shall have to cascade right through the institution.”
Assuring that the bank will revert to what is normal when things improve, Wigwe said the adjustments are necessary to survive the difficult times.
“What is important is that these adjustments are what is required at a time when we see Armageddon when we see great difficulty coming in, to make sure that if there is one institution left standing in this country as a bank, it must be Access Bank,” he said.
Access Bank, which acquired rival Diamond Bank Plc last year, had 6,898 permanent staff as at the end of 2019, according to a presentation on its website.
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The acquisition partly contributed to a 31% increase in operating expenses. Personnel, recruitment and training costs account for more than a third of overheads after the deal boosted employee numbers and resulted in “wage harmonization” across the businesses.
Watch the video below:
https://twitter.com/TzOlawale/status/1255997690552475650
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