Nairametrics| Heritage Bank has carried out a ‘restructuring exercise’ that has led to the retrenchment of as many as 100 of its staff nationwide. A statement by the bank’s Head of Corporate Communications, Fela Ibidapo, acknowledged the retrenchment of some workers but refused to state the exact amount.
“Heritage Bank has announced the restructuring of its workforce, as part of efforts geared towards greater efficiency and resource optimisation, in line with its growth and industry innovative agenda designed to strengthen the bank’s business across all markets where it operates.
“There is no doubt that the banking industry, like every other sector in the country, is going through rough times occasioned by the downward trend in the economy, hence the move was part of the bank’s strategic plan to keep a vibrant workforce that will enable the bank achieve its vision of being Nigeria’s most innovative bank of choice in service delivery, superior returns to its various stakeholders and as well contribute to the growth of the nation’s economy.”
Punch however reports that insider sources claim that the exercise affected mainly staff of the former Enterprise Bank, which Heritage Bank acquired for about N56 billion in 2014. The bank, however, cites the need to maintain profitability in the current harsh economic climate as a reason for its actions.
Banks have been on a series of mass sackings since last year as bad loans soared as a result of the recession and the bloating exchange rate, leading to about N17 billion losses in just 4 banks.