HERITAGE BANK EMBARKS ON A RETRENCHEMENT SPREE AS IT SACKS 400 EMPLOYEES

Heritage bank is in a season of operation-fire-more-employees.

The bank carried out a mass retrenchment exercise in December 2016 which left not less than 400 persons without jobs and without prospective jobs in 2017. I would rather not imagine how the yuletide season was for such persons because I might shed tears.

However, investigations by the News Agency of Nigeria (NAN) on Monday indicated that more workers are penciled for sack.

Recall if you can that in October 2014, Heritage bank acquired Enterprise bank with about N56 billion which when converted to US dollars will amount to approximately $281 million.

The bank is now believed to be undergoing financial instability which many media sources have confirmed, but the bank has denied all of them.

Although the mass retrenchment exercise carried out in December affected the top, middle and low cadres; a source has confirmed that workers from the former Enterprise Bank were affected the most.

It will seem that the bank is carrying out a restructuring exercise in order to improve its profitability. If this be the case, then there is the possibility that more workers will be retrenched.