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Unity Bank sacks 215 workers

Unity Bank sacks 215 workers

Unity Bank Plc yesterday reduced its over 2,000  workforce by sacking 215 members of staff, it was reliably learnt.

The exercise, it was further leant, was to enable the lender realign its operation and pursue a long term growth strategy. Some of the  downsized staff members were said to have opted to resign while management approved severance package for them in line with the bank’s policy.

The lender last May, forged a strategic alliance with Black Trituium, equity and investment fund manager. The bank said it in a report on its website that it was driven by the vision to be the retail bank of choice for all Nigerians and “this is at the core of all that we do”.

 Investigation revealed that the affected members of staff were those that achieved less than 40 per cent of their performance target, which affected the lender’s overall profitability in recent years.

The downsizing, which cut across all cadres including junior, middle and top management positions, happened at a time majority of banks are battling with poor profitability over harsh economic conditions and heightened business risks from the  plunge in crude oil prices.

The bank is also said to have attracted specialist skills to its workforce since the relocation of its head office from Abuja to Lagos, which was in line with its plan to grow market share in viable clusters of the retail market. Read more 

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