It's been reported that massive sacking is underway in Zenith Bank Nigeria involving the deconstruction of Zenith Bank's top heavy middle management team. On the surface, after reading articles available, it looks like this was done in order to free finances but more than likely due to the output of performance reviews and systems audit especially in light of ongoing reforms in the Banking industry which require more streamlined and accountable systems, structures, and work forces.
The below article was culled from The Punch Nigerian Newspaper:
No matter how well handled or planned ahead a retrenchment exercise is, it is still a very mentally challenging experience. However, from personal experience, retrenchments can provide opportunities for personal growth, exploration of new businesses, and pursuance of bigger and better careers. We pray for those affected by this exercise and hope they see it for what it is, an opportunity to explore new careers and opportunites they may have otherwise been to comfortable to explore."About 240 senior employees of Zenith Bank Plc have been disengaged from the bank’s employment. Our correspondent gathered on Thursday that the affected workers were asked to leave the bank to reduce the company’s wage bill. It was learnt that the bank had “too many” senior employees in its workforce. A source at the bank, who did not want his name published because he was not authorised to speak on the subject, refuted earlier claims that the bank had sacked 1,200 employees. The source noted that the number of workers in the bank was less than 10,000, and stressed that if 1,200 persons were asked to leave, “who else would handle the bank’s jobs?” The source also said, “It was senior employees that were asked to leave and they are about 240 persons. The sacking was as a result of issues affecting their wage bill, which is becoming too high for the bank.“The story that 1,200 people were sacked is not true. We are just about 7,000 workers in all our branches. So, how will the bank ask 1,200 people to leave?” http://www.punchng.com/business/money/zenith-bank-sacks-240-senior-employees/