ASSBIFIE Flays Retrenchment In Unity Bank

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The leadership of the
Association of Senior Staff of Banks and Financial Institutions Employees (ASSBIFE), has kicked against the recent retrenchment carried out by the management of Unity Bank Plc.
In a statement issued in Lagos on Wednesday by the National President of the union, Comrade Sunday Salako condemned the sack of the workers by the bank management.
Salako said a total of 215 workers were affected in the retrenchment and stressed that due procedures were not strictly followed in the termination of the workers appointments.
He said that the bank’s management has breached the terms of understanding reached with the Honourable Minister of Labour and Productivity, Senator Chris Ngige and the abour leaders to halt further retrenchment in the banking sector.
The union leader said that the workers are not responsible for the present economic reality for them to bear the Obnoxious policies of the banking sector.
However, The Tide reliably learnt that Unity Bank Plc had on Wednesday sacked 215 workers over what the bank’s management said would enable it realign its operation and allow the bank pursue a long term growth strategy.
The bank said that some of the staff members retrenched had opted to resign while management approved severance package for them in line with the bank’s policy.
The downsizing, The Tide learnt, cuts across all cadres including junior, middle and top management positions.
The bank said that the affected staff were those that achieved less than 40 per cent of their performance target which affected the bank’s overall profitability in recent time.
The bank on its website said that its management recently hired about 200 new staff to drive its vision of transformation initiative with about 100 staff promoted to deliver on its shareholders’ expectations.