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Ecobank explains sack of senior management staff.

Ecobank explains sack of senior management staff.

Ecobank Nigeria on Thursday gave reasons for the retrenchment of some top level staff of the bank noting that the recent reorganization that affected senior staff was designed to strengthen the bank’s business across all markets.

According to a statement issued by the bank in Lagos, the recent restructuring came after a review of senior staff bench strength and industry standards.

It explained that it was necessary for the bank to realign its work force for better efficiency in line with best practices, adding that those who were affected by the exercise were adequately compensated.

The statement said that the bank was committed to cost efficiency and investment in key initiatives in its transactions, banking, cards and e-banking businesses.

It stated that the bank would continue to simplify its operations to better serve customers to be ahead of the competition in the industry.

“The bank only recently promoted 300 staff, representing 10 per cent of the employees based on the bank’s commitment to recognising and rewarding excellence and exceptional performance,” it said.

The statement said that the bank had commenced a selection process of converting qualified non-core staff to permanent staff.

It will be recalled that Ecobank recently sacked about 50 senior staff to reduce cost. The sack affected Assistant and Deputy General managers, among others.

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