Afribank sacks 500
Calls it transformation strategy - Tiki Myvynn Chukwurah (Encomium mag)
As part of it's transformation strategy, Afribank Plc, has reduced it's workforce by at least 500.
Some of the affected workers at various branches of the bank were given severence letters on Thursday May 28th 2009. But the bank in a statement on Thursday May 28th, said the exercise was to achieve optimum effiency, adding that thge management had provided an exit window for the staff to retire voluntarily from the organisation. The statement said both middle and lower cadre staff had decided to take advantage of the exit opportunities provided by the financial house. According to the statement, the exercise is expected to right size the staff structure and prive optimum efficiency for the bank.
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