As reported by the punch newspaper:
Five hundred and fifty employees of Finbank have lost their jobs as the integration process of the bank with First City Monument Bank Plc reaches a critical stage. FCMB had concluded its acquisition of Finbank Plc in February 2012 and had set a four-month deadline for full operational integration.The Group Managing Director, FCMB, Mr. Ladi Balogun, told journalists on Saturday that the exercise was necessary because 44 out of the 183 branches of Finbank had been closed to avoid overlap of functions.
He said, “Five hundred and fifty Finbank employees have taken the opportunity to resign.
“We are retaining about 70 per cent of the Finbank staff. Those affected have a robust welfare package, including entrepreneurial training, proper counselling and a good severance package.” “While staff rationalisation is necessary in a merger, it is important that it is done with a human face,” Balogun added. He said that the workers were asked to leave after a rigorous performance appraisal exercise, which took a historical view of their performance.
“In terms of the cost of the exercise to the bank, we are still calculating. We will be paying the people what they deserve and we will be treating them with dignity,” Balogun added.
On the integration process, he said both FCMB and Finbank were using compatible Information Technology software and that integrating the two systems would not be difficult.
by Martin Ayankola
My sentiments still remain that resignation (voluntary or forced) still remains a catalyst for greatness due to opportunities that are explored when one leaves his or her comfort zone. Nevertheless, individuals, families, and homes are sure to be shaken by this news and our hearts go out to all involved.