Business
Oceanic Bank Refutes Reports On Staff Disengagement
The management of Oceanic Bank International Plc has described recent media reports on fresh disengagement of staff as unfounded and a premeditated attempt by people to derail the consistent progress being recorded by the bank.
According to Mr. John Aboh, Group managing director/CEO, the Bank had last December concluded the staff rationalisation exercise which was adopted to drive operational efficiency in the organisation. Noting that it had become imperative to alert customers and shareholders on sponsored negative reports against the bank, Aboh assured that Oceanic would remain focused on the task of returning the bank to profitability.
He said, “I urge our esteemed customers, shareholders and the entire banking public to disregard such reports. Oceanic Bank is making steady progress with its recovery efforts and the trends before us show promising prospects and enhanced value creation for all stakeholders”.
The Oceanic Bank boss explained that prior to the bank’s staff rationalisation exercise, it was expending over N4 billion monthly on salaries and wages to a workforce of over 20,000 people.
We had to implement the painful process of staff rationalisation to streamline the workforce along the line of the current business realities otherwise we will be deploying depositor funds to sustain the bloated workforce. The vision of the bank, he stated, was to grow the business to ensure consistent value creation for our customers and shareholders.
According to Aboh, the bank’s management had already implemented an across-the-board salary cut that will further streamline its cost profile and further enhance its drive for operational efficiency.
This strategy was adopted following a meeting in which the bank’s executive and senior management unanimously agreed to this unprecedented sacrifice in order to hasten the recovery pace of the bank.
The details of the salary cut include 15-20 per cent for senior management and 22.5-35 per cent for executive directors and MD/CEO.
Aboh said the development was a clear demonstration of commitment of the workforce to tobust recovery plan unveiled by management adding that the management places high premium on operational efficiency as a vehicle for building the firm’s capacity for sustainable and consistent profitability.
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