Sterling Bank Plc has sacked 400 workers in a systematic mass
retrenchment aimed at reducing overhead cost, the News Agency of Nigeria
(NAN) reports. According to NAN, 97 per cent of the retrenched workers were former staff of Equatorial Trust Bank Ltd. acquired by Sterling.
source close to the bank said that the mass sack, which started about
three weeks ago would also affect another 150 workers because of the
consolidation of the two banks. He said that workers were thrown into the nation’s saturated labour market with only three months’ salary as severance package.
Executive Management staff, who wants to remain anonymous said that the
retrenchment was their best option toward sustainable growth and return
to profitability. He said that the workers were only victims of the economy, adding that they had to relieve them of their jobs to grow the bank.